Proposed Agency Information Collection Activities; Comment Request, 49033-49034 [2021-18834]
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Federal Register / Vol. 86, No. 167 / Wednesday, September 1, 2021 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
depository institution of securities from
a securities affiliate if, among other
requirements, the depository institution
maintains, for a period of two years,
records and supporting information that
are sufficient to enable the appropriate
Federal banking agency to ensure the
depository institution’s compliance
with the terms of the exemption.1
Separately, section 12 CFR 223.42(g)(3)
exempts purchases by a depository
institution of municipal securities from
a securities affiliate if, among other
requirements, the price of the security is
quoted routinely on an unaffiliated
electronic service that provides
indicative data from real-time financial
networks and the price paid for the
security can be verified by reference to
the written summary provided by the
syndicate manager to syndicate
members that discloses the aggregate par
values and prices of all bonds sold from
the syndicate account, so long as the
depository institution obtains a copy of
the summary from its securities affiliate
and retains the summary for three
years.2
Legal authorization and
confidentiality: Sections 23A and 23B of
the FRA authorize the Board to issue
these requirements. Compliance with
the FR W requirements is required to
obtain a benefit.
Information provided on the Loan
Participation Renewal notice (Section
223.15(b)(4)) may be considered
confidential under exemption 4 of the
Freedom of Information Act (‘‘FOIA’’) as
confidential commercial or financial
information that is both customarily and
actually treated as private. Information
provided on the Acquisition notice
(Section 223.31(d)(4)), the Internal
Corporate Reorganization Transaction
notice (Section 223.41(d)(2)), and the
Section 23A Additional Information
request (Section 223.43(b)) generally is
not considered confidential, but
respondents may request confidential
treatment under exemption 4 of the
FOIA if the information is confidential
commercial or financial information
that is both customarily and actually
treated as private. Information collected
under the FR W may also be considered
confidential under FOIA exemption 8 if
it is obtained as part of an examination
or supervision of a financial institution.
Board of Governors of the Federal Reserve
System, August 26, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021–18832 Filed 8–31–21; 8:45 am]
BILLING CODE 6210–01–P
1 12
2 12
CFR 223.42(f)(6).
CFR 223.42(g)(3)(iii).
VerDate Sep<11>2014
17:09 Aug 31, 2021
Jkt 253001
FEDERAL RESERVE SYSTEM
Proposed Agency Information
Collection Activities; Comment
Request
Board of Governors of the
Federal Reserve System.
ACTION: Notice, request for comment.
AGENCY:
The Board of Governors of the
Federal Reserve System (Board) invites
comment on a proposal to extend for
three years, without revision, the
Recordkeeping Provisions Associated
with the Guidance on Sound Incentive
Compensation Policies (FR 4027; OMB
No. 7100–0327).
DATES: Comments must be submitted on
or before November 1, 2021.
ADDRESSES: You may submit comments,
identified by FR 4027, by any of the
following methods:
• Agency Website: https://
www.federalreserve.gov/. Follow the
instructions for submitting comments at
https://www.federalreserve.gov/apps/
foia/proposedregs.aspx.
• Email: regs.comments@
federalreserve.gov. Include the OMB
number in the subject line of the
message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Ann E. Misback, Secretary,
Board of Governors of the Federal
Reserve System, 20th Street and
Constitution Avenue NW, Washington,
DC 20551.
All public comments are available
from the Board’s website at https://
www.federalreserve.gov/apps/foia/
proposedregs.aspx as submitted, unless
modified for technical reasons or to
remove personally identifiable
information at the commenter’s request.
Accordingly, comments will not be
edited to remove any identifying or
contact information. Public comments
may also be viewed electronically or in
paper in Room 146, 1709 New York
Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on
weekdays. For security reasons, the
Board requires that visitors make an
appointment to inspect comments. You
may do so by calling (202) 452–3684.
Upon arrival, visitors will be required to
present valid government-issued photo
identification and to submit to security
screening in order to inspect and
photocopy comments.
Additionally, commenters may send a
copy of their comments to the Office of
Management and Budget (OMB) Desk
Officer for the Federal Reserve Board,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, New Executive Office Building,
SUMMARY:
PO 00000
Frm 00062
Fmt 4703
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49033
Room 10235, 725 17th Street NW,
Washington, DC 20503, or by fax to
(202) 395–6974.
FOR FURTHER INFORMATION CONTACT:
Federal Reserve Board Clearance
Officer—Nuha Elmaghrabi—Office of
the Chief Data Officer, Board of
Governors of the Federal Reserve
System, Washington, DC 20551, (202)
452–3829.
SUPPLEMENTARY INFORMATION: On June
15, 1984, OMB delegated to the Board
authority under the Paperwork
Reduction Act (PRA) to approve and
assign OMB control numbers to
collections of information conducted or
sponsored by the Board. In exercising
this delegated authority, the Board is
directed to take every reasonable step to
solicit comment. In determining
whether to approve a collection of
information, the Board will consider all
comments received from the public and
other agencies.
During the comment period for this
proposal, a copy of the proposed PRA
OMB submission, including the draft
reporting form and instructions,
supporting statement, and other
documentation, will be made available
on the Board’s public website at https://
www.federalreserve.gov/apps/
reportforms/review.aspx or may be
requested from the agency clearance
officer, whose name appears above.
Final versions of these documents will
be made available at https://
www.reginfo.gov/public/do/PRAMain, if
approved.
Request for Comment on Information
Collection Proposal
The Board invites public comment on
the following information collection,
which is being reviewed under
authority delegated by the OMB under
the PRA. Comments are invited on the
following:
a. Whether the proposed collection of
information is necessary for the proper
performance of the Board’s functions,
including whether the information has
practical utility;
b. The accuracy of the Board’s
estimate of the burden of the proposed
information collection, including the
validity of the methodology and
assumptions used;
c. Ways to enhance the quality,
utility, and clarity of the information to
be collected;
d. Ways to minimize the burden of
information collection on respondents,
including through the use of automated
collection techniques or other forms of
information technology; and
e. Estimates of capital or startup costs
and costs of operation, maintenance,
E:\FR\FM\01SEN1.SGM
01SEN1
49034
Federal Register / Vol. 86, No. 167 / Wednesday, September 1, 2021 / Notices
and purchase of services to provide
information.
At the end of the comment period, the
comments and recommendations
received will be analyzed to determine
the extent to which the Board should
modify the proposal.
khammond on DSKJM1Z7X2PROD with NOTICES
Proposal Under OMB Delegated
Authority To Extend for Three Years,
Without Revision, the Following
Information Collection
Report title: Recordkeeping Provisions
Associated with the Guidance on Sound
Incentive Compensation Policies.
Agency form number: FR 4027.
OMB control number: 7100–0327.
Frequency: As needed.
Respondents: U.S. bank holding
companies, savings and loan holding
companies, state member banks, Edge
Act and agreement corporations, and the
U.S. operations of foreign banks with a
branch, agency, or commercial lending
company subsidiary in the United States
(collectively, banking organizations).
Estimated number of respondents:
One-time implementation, large
institutions: 1; one-time
implementation, small institutions: 1;
ongoing maintenance: 5,259.
Estimated average hours per response:
One-time implementation, large
institutions: 480; one-time
implementation, small institutions: 80;
ongoing maintenance: 40.
Estimated annual burden hours: Onetime implementation, large institutions:
480; one-time implementation, small
institutions: 80; ongoing maintenance:
210,360.
General description of report: The
Guidance on Sound Incentive
Compensation Policies (the Guidance) is
an interagency publication promulgated
by the Board, the Office of the
Comptroller of the Currency (OCC), and
the Federal Deposit Insurance
Corporation (FDIC) that is intended to
assist banking organizations in
designing and implementing incentive
compensation arrangements that do not
encourage imprudent risk-taking and
that are consistent with the safety and
soundness of the organization. The
Guidance contains voluntary
recordkeeping activities.
The Guidance is based on three key
principles. These principles provide
that incentive compensation
arrangements at a banking organization
should:
1. Provide employees incentives that
appropriately balance risk and reward;
2. Be compatible with effective
controls and risk-management; and
3. Be supported by strong corporate
governance, including active and
VerDate Sep<11>2014
17:09 Aug 31, 2021
Jkt 253001
effective oversight by the organization’s
board of directors.
The recordkeeping provisions of the
Guidance are contained within
principles 2 and 3.
Principle 2—Compatibility With
Effective Controls and Risk Management
Pursuant to Principle 2 of the
Guidance, a banking organization’s riskmanagement processes and internal
controls should reinforce and support
the development and maintenance of
balanced incentive compensation
arrangements. Principle 2 states that
banking organizations should create and
maintain sufficient documentation to
permit an audit of the organization’s
processes for establishing, modifying,
and monitoring incentive compensation
arrangements.
Additionally, global systemically
important bank holding companies and
banking organizations subject to
Category II–IV enhanced prudential
standards under Regulation YY and
foreign banking organizations required
to form an intermediate holding
company under Regulation YY should
maintain policies and procedures that
(1) identify and describe the role(s) of
the personnel, business units, and
control units authorized to be involved
in the design, implementation, and
monitoring of incentive compensation
arrangements, (2) identify the source of
significant risk-related inputs into these
processes and establish appropriate
controls governing the development and
approval of these inputs to help ensure
their integrity, and (3) identify the
individual(s) and control unit(s) whose
approval is necessary for the
establishment of new incentive
compensation arrangements or
modification of existing arrangements.
Principle 3—Strong Corporate
Governance
Pursuant to Principle 3 of the
Guidance, banking organizations should
have strong and effective corporate
governance to help ensure sound
compensation practices. Principle 3
states that a banking organization’s
board of directors should approve and
document any material exceptions or
adjustments to the organization’s
incentive compensation arrangements
established for senior executives.
Legal authorization and
confidentiality: The recordkeeping
provisions of the Guidance are
authorized pursuant to the Board’s
examination and reporting authorities,
located in sections 9, 11(a), 25, and 25A
of the Federal Reserve Act, section 5 of
the Bank Holding Company Act, section
10(b) of the Home Owners’ Loan Act,
and section 7(c) of the International
Banking Act, and by section 39 of the
PO 00000
Frm 00063
Fmt 4703
Sfmt 4703
Federal Deposit Insurance Act, which
authorizes the Board to prescribe
compensation standards.
Because the recordkeeping provisions
are contained within guidance, which is
nonbinding, they are voluntary. There
are no reporting forms associated with
this information collection.
Because the incentive compensation
records would be maintained at each
banking organization, the Freedom of
Information Act (FOIA) would only be
implicated if the Board obtained such
records as part of the examination or
supervision of a banking organization.
In the event the records are obtained by
the Board as part of an examination or
supervision of a banking organization,
this information may be considered
confidential pursuant to exemption 8 of
the FOIA, which protects information
contained in ‘‘examination, operating,
or condition reports’’ obtained in the
bank supervisory process. In addition,
the information may also constitute
nonpublic commercial or financial
information, which is both customarily
and actually treated as private by the
respondent, and thus may be kept
confidential by the Board pursuant to
exemption 4 of the FOIA.
Consultation outside the agency: The
Board has consulted with the FDIC and
OCC and confirmed that there will be no
revisions to the guidance.
Board of Governors of the Federal Reserve
System, August 26, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021–18834 Filed 8–31–21; 8:45 am]
BILLING CODE 6210–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Administration for Children and
Families
Submission for OMB Review; Head
Start REACH: Strengthening Outreach,
Recruitment, and Engagement
Approaches With Families (New
Collection)
Office of Planning, Research,
and Evaluation, Administration for
Children and Families, HHS.
ACTION: Request for public comment.
AGENCY:
The Administration for
Children and Families (ACF) within the
U.S. Department of Health and Human
Services (HHS) is proposing to collect
data on different approaches that Head
Start programs use for the recruitment,
selection, enrollment, and retention
(RSER) of families facing adversities and
the community organizations with
SUMMARY:
E:\FR\FM\01SEN1.SGM
01SEN1
]]>Agencies
[Federal Register Volume 86, Number 167 (Wednesday, September 1, 2021)]
[Notices]
[Pages 49033-49034]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-18834]
-----------------------------------------------------------------------
FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
-----------------------------------------------------------------------
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
invites comment on a proposal to extend for three years, without
revision, the Recordkeeping Provisions Associated with the Guidance on
Sound Incentive Compensation Policies (FR 4027; OMB No. 7100-0327).
DATES: Comments must be submitted on or before November 1, 2021.
ADDRESSES: You may submit comments, identified by FR 4027, by any of
the following methods:
Agency Website: https://www.federalreserve.gov/. Follow
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
Email: [email protected]. Include the OMB
number in the subject line of the message.
Fax: (202) 452-3819 or (202) 452-3102.
Mail: Ann E. Misback, Secretary, Board of Governors of the
Federal Reserve System, 20th Street and Constitution Avenue NW,
Washington, DC 20551.
All public comments are available from the Board's website at
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as
submitted, unless modified for technical reasons or to remove
personally identifiable information at the commenter's request.
Accordingly, comments will not be edited to remove any identifying or
contact information. Public comments may also be viewed electronically
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006,
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the
Board requires that visitors make an appointment to inspect comments.
You may do so by calling (202) 452-3684. Upon arrival, visitors will be
required to present valid government-issued photo identification and to
submit to security screening in order to inspect and photocopy
comments.
Additionally, commenters may send a copy of their comments to the
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, Office of Information and Regulatory Affairs, Office of
Management and Budget, New Executive Office Building, Room 10235, 725
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.
FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of
Governors of the Federal Reserve System, Washington, DC 20551, (202)
452-3829.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to collections of information conducted or
sponsored by the Board. In exercising this delegated authority, the
Board is directed to take every reasonable step to solicit comment. In
determining whether to approve a collection of information, the Board
will consider all comments received from the public and other agencies.
During the comment period for this proposal, a copy of the proposed
PRA OMB submission, including the draft reporting form and
instructions, supporting statement, and other documentation, will be
made available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested
from the agency clearance officer, whose name appears above. Final
versions of these documents will be made available at https://www.reginfo.gov/public/do/PRAMain, if approved.
Request for Comment on Information Collection Proposal
The Board invites public comment on the following information
collection, which is being reviewed under authority delegated by the
OMB under the PRA. Comments are invited on the following:
a. Whether the proposed collection of information is necessary for
the proper performance of the Board's functions, including whether the
information has practical utility;
b. The accuracy of the Board's estimate of the burden of the
proposed information collection, including the validity of the
methodology and assumptions used;
c. Ways to enhance the quality, utility, and clarity of the
information to be collected;
d. Ways to minimize the burden of information collection on
respondents, including through the use of automated collection
techniques or other forms of information technology; and
e. Estimates of capital or startup costs and costs of operation,
maintenance,
[[Page 49034]]
and purchase of services to provide information.
At the end of the comment period, the comments and recommendations
received will be analyzed to determine the extent to which the Board
should modify the proposal.
Proposal Under OMB Delegated Authority To Extend for Three Years,
Without Revision, the Following Information Collection
Report title: Recordkeeping Provisions Associated with the Guidance
on Sound Incentive Compensation Policies.
Agency form number: FR 4027.
OMB control number: 7100-0327.
Frequency: As needed.
Respondents: U.S. bank holding companies, savings and loan holding
companies, state member banks, Edge Act and agreement corporations, and
the U.S. operations of foreign banks with a branch, agency, or
commercial lending company subsidiary in the United States
(collectively, banking organizations).
Estimated number of respondents: One-time implementation, large
institutions: 1; one-time implementation, small institutions: 1;
ongoing maintenance: 5,259.
Estimated average hours per response: One-time implementation,
large institutions: 480; one-time implementation, small institutions:
80; ongoing maintenance: 40.
Estimated annual burden hours: One-time implementation, large
institutions: 480; one-time implementation, small institutions: 80;
ongoing maintenance: 210,360.
General description of report: The Guidance on Sound Incentive
Compensation Policies (the Guidance) is an interagency publication
promulgated by the Board, the Office of the Comptroller of the Currency
(OCC), and the Federal Deposit Insurance Corporation (FDIC) that is
intended to assist banking organizations in designing and implementing
incentive compensation arrangements that do not encourage imprudent
risk-taking and that are consistent with the safety and soundness of
the organization. The Guidance contains voluntary recordkeeping
activities.
The Guidance is based on three key principles. These principles
provide that incentive compensation arrangements at a banking
organization should:
1. Provide employees incentives that appropriately balance risk and
reward;
2. Be compatible with effective controls and risk-management; and
3. Be supported by strong corporate governance, including active
and effective oversight by the organization's board of directors.
The recordkeeping provisions of the Guidance are contained within
principles 2 and 3.
Principle 2--Compatibility With Effective Controls and Risk
Management
Pursuant to Principle 2 of the Guidance, a banking organization's
risk-management processes and internal controls should reinforce and
support the development and maintenance of balanced incentive
compensation arrangements. Principle 2 states that banking
organizations should create and maintain sufficient documentation to
permit an audit of the organization's processes for establishing,
modifying, and monitoring incentive compensation arrangements.
Additionally, global systemically important bank holding companies
and banking organizations subject to Category II-IV enhanced prudential
standards under Regulation YY and foreign banking organizations
required to form an intermediate holding company under Regulation YY
should maintain policies and procedures that (1) identify and describe
the role(s) of the personnel, business units, and control units
authorized to be involved in the design, implementation, and monitoring
of incentive compensation arrangements, (2) identify the source of
significant risk-related inputs into these processes and establish
appropriate controls governing the development and approval of these
inputs to help ensure their integrity, and (3) identify the
individual(s) and control unit(s) whose approval is necessary for the
establishment of new incentive compensation arrangements or
modification of existing arrangements.
Principle 3--Strong Corporate Governance
Pursuant to Principle 3 of the Guidance, banking organizations
should have strong and effective corporate governance to help ensure
sound compensation practices. Principle 3 states that a banking
organization's board of directors should approve and document any
material exceptions or adjustments to the organization's incentive
compensation arrangements established for senior executives.
Legal authorization and confidentiality: The recordkeeping
provisions of the Guidance are authorized pursuant to the Board's
examination and reporting authorities, located in sections 9, 11(a),
25, and 25A of the Federal Reserve Act, section 5 of the Bank Holding
Company Act, section 10(b) of the Home Owners' Loan Act, and section
7(c) of the International Banking Act, and by section 39 of the Federal
Deposit Insurance Act, which authorizes the Board to prescribe
compensation standards.
Because the recordkeeping provisions are contained within guidance,
which is nonbinding, they are voluntary. There are no reporting forms
associated with this information collection.
Because the incentive compensation records would be maintained at
each banking organization, the Freedom of Information Act (FOIA) would
only be implicated if the Board obtained such records as part of the
examination or supervision of a banking organization. In the event the
records are obtained by the Board as part of an examination or
supervision of a banking organization, this information may be
considered confidential pursuant to exemption 8 of the FOIA, which
protects information contained in ``examination, operating, or
condition reports'' obtained in the bank supervisory process. In
addition, the information may also constitute nonpublic commercial or
financial information, which is both customarily and actually treated
as private by the respondent, and thus may be kept confidential by the
Board pursuant to exemption 4 of the FOIA.
Consultation outside the agency: The Board has consulted with the
FDIC and OCC and confirmed that there will be no revisions to the
guidance.
Board of Governors of the Federal Reserve System, August 26,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-18834 Filed 8-31-21; 8:45 am]
BILLING CODE 6210-01-P
