Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Guidance on Sound Incentive Compensation Policies, 77952-77953 [2022-27591]
Download as PDF
<![CDATA[
77952
Federal Register / Vol. 87, No. 243 / Tuesday, December 20, 2022 / Notices
collected; and (d) ways to minimize the
burden of the collection of information
on respondents, including the use of
appropriate automated, electronic,
mechanical, or other technological
collection techniques or other forms of
information technology, e.g., permitting
electronic submission of responses.
Authority: The Paperwork Reduction
Act of 1995; 44 U.S.C. chapter 35, as
amended; 49 CFR 1.49; and DOT Order
1351.29.
Chou Lin Chen,
Associate Administrator, National Center for
Statistics and Analysis.
[FR Doc. 2022–27561 Filed 12–19–22; 8:45 am]
BILLING CODE 4910–59–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Submission for OMB Review;
Guidance on Sound Incentive
Compensation Policies
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites
comment on the renewal of an
information collection as required by
the Paperwork Reduction Act of 1995
(PRA). An agency may not conduct or
sponsor, and a respondent is not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number. The OCC is
soliciting comment concerning renewal
of an information collection titled,
‘‘Guidance on Sound Incentive
Compensation Policies.’’ The OCC also
is giving notice that it has sent the
collection to OMB for review.
DATES: Written comments should be
submitted by January 19, 2023.
ADDRESSES: Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, 1557–
0245, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 293–4835.
lotter on DSK11XQN23PROD with NOTICES1
SUMMARY:
VerDate Sep<11>2014
18:41 Dec 19, 2022
Jkt 259001
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0245’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. Comments received,
including attachments and other
supporting materials, are part of the
public record and subject to public
disclosure. Do not include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Written comments and
recommendations for the proposed
information collection should also be
sent within 30 days of publication of
this notice to www.reginfo.gov/public/
do/PRAMain. You can find this
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
You may review comments and other
related materials that pertain to this
information collection following the
close of the 30-day comment period for
this notice by the method set forth in
the next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ from the drop-down menu.
From the ‘‘Currently under Review’’
drop-down menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0245’’ or ‘‘Guidance on Sound
Incentive Compensation Policies.’’
Upon finding the appropriate
information collection, click on the
related ‘‘ICR Reference Number.’’ On the
next screen, select ‘‘View Supporting
Statement and Other Documents’’ and
then click on the link to any comment
listed at the bottom of the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
Regulatory Information Service Center
at (202) 482–7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490, Chief Counsel’s
Office, Office of the Comptroller of the
Currency, 400 7th Street SW,
Washington, DC 20219. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from
PO 00000
Frm 00166
Fmt 4703
Sfmt 4703
OMB for each collection of information
they conduct or sponsor. ‘‘Collection of
information’’ is defined in 44 U.S.C.
3502(3) and 5 CFR 1320.3(c) to include
agency requests and/or requirements
that members of the public submit
reports, keep records, or provide
information to a third party. The OCC
asks the OMB to extend its approval of
the collection in this notice.
Title: Guidance on Sound Incentive
Compensation Policies.
OMB Number: 1557–0245.
Abstract: The guidance states that
each large national bank and Federal
savings association should: (i) have
policies and procedures that identify
and describe the role(s) of the personnel
and units authorized to be involved in
developing and administering incentive
compensation arrangements, identify
the source of significant risk-related
factors, establish appropriate controls
governing these factors to help ensure
their reliability, and identify the
individual(s) and unit(s) whose
approval is necessary for the
establishment or modification of
incentive compensation arrangements;
(ii) create and maintain sufficient
documentation to permit an audit of the
organization’s processes for developing
and administering incentive
compensation arrangements; (iii) have
any material exceptions or adjustments
to the incentive compensation
arrangements established for senior
executives approved and documented
by its board of directors; and (iv) have
its board of directors receive and
review, on an annual or more frequent
basis, an assessment by management of
the effectiveness of the design and
operation of the organization’s incentive
compensation system in providing risktaking incentives that are consistent
with the organization’s safety and
soundness. The principles discussed in
the guidance will vary with the size and
complexity of a banking organization,
and monitoring methods for small banks
are not directly addressed by these four
policies and procedures in the guidance.
Type of Review: Regular.
Affected Public: Business or other forprofit.
Estimated Number of Respondents for
Yearly Maintenance: 1,093 (38 large
banks; 1,055 small banks).
Estimated Number of Respondents for
Setup: 1 large bank; 1 small bank.
Estimated Burden per Respondent:
520 hours for large banks (480 hours for
set up; 40 hours for yearly
maintenance); 90 hours for small banks
(60 hours for set up; 30 hours for yearly
maintenance).
Total Annual Burden: 33,710 hours.
Frequency of Response: Annually.
E:\FR\FM\20DEN1.SGM
20DEN1
Federal Register / Vol. 87, No. 243 / Tuesday, December 20, 2022 / Notices
On September 20, 2022, the OCC
published a notice for 60 days of
comments concerning this collection, 87
FR 57555. No comments were received.
Comments continue to be solicited on:
(a) Whether the collection of
information is necessary for the proper
performance of the functions of the
OCC, including whether the information
has practical utility;
(b) The accuracy of the OCC’s
estimate of the information collection
burden;
(c) Ways to enhance the quality,
utility, and clarity of the information to
be collected;
(d) Ways to minimize the burden of
the 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,
and purchase of services to provide
information.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the
Comptroller of the Currency.
[FR Doc. 2022–27591 Filed 12–19–22; 8:45 am]
BILLING CODE 4810–33–P
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Submission for OMB Review;
Extensions of Credit to Insiders and
Transactions With Affiliates
Office of the Comptroller of the
Currency (OCC), Treasury.
ACTION: Notice and request for comment.
AGENCY:
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites
comment on a continuing information
collection, as required by the Paperwork
Reduction Act of 1995 (PRA). In
accordance with the requirements of the
PRA, the OCC may not conduct or
sponsor, and the respondent is not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number. The OCC is
soliciting comment concerning its
information collection titled,
‘‘Extensions of Credit to Insiders and
Transactions with Affiliates.’’ The OCC
also is giving notice that it has sent the
collection to OMB for review.
DATES: You should submit comments by
January 19, 2023.
lotter on DSK11XQN23PROD with NOTICES1
SUMMARY:
VerDate Sep<11>2014
18:41 Dec 19, 2022
Jkt 259001
Commenters are encouraged
to submit comments by email, if
possible. You may submit comments by
any of the following methods:
• Email: prainfo@occ.treas.gov.
• Mail: Chief Counsel’s Office,
Attention: Comment Processing, 1557–
0336, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219.
• Hand Delivery/Courier: 400 7th
Street SW, Suite 3E–218, Washington,
DC 20219.
• Fax: (571) 293–4835.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘1557–
0336’’ in your comment. In general, the
OCC will publish comments on
www.reginfo.gov without change,
including any business or personal
information provided, such as name and
address information, email addresses, or
phone numbers. Comments received,
including attachments and other
supporting materials, are part of the
public record and subject to public
disclosure. Do not include any
information in your comment or
supporting materials that you consider
confidential or inappropriate for public
disclosure.
Written comments and
recommendations for the proposed
information collection should also be
sent within 30 days of publication of
this notice to www.reginfo.gov/public/
do/PRAMain. You can find this
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
You may review comments and other
related materials that pertain to this
information collection following the
close of the 30-day comment period for
this notice by the method set forth in
the next bullet.
• Viewing Comments Electronically:
Go to www.reginfo.gov. Hover over the
‘‘Information Collection Review’’ tab
and click on ‘‘Information Collection
Review’’ from the drop-down menu.
From the ‘‘Currently under Review’’
drop-down menu, select ‘‘Department of
Treasury’’ and then click ‘‘submit.’’ This
information collection can be located by
searching by OMB control number
‘‘1557–0336’’ or ‘‘Extensions of Credit to
Insiders and Transactions with
Affiliates.’’ Upon finding the
appropriate information collection, click
on the related ‘‘ICR Reference Number.’’
On the next screen, select ‘‘View
Supporting Statement and Other
Documents’’ and then click on the link
to any comment listed at the bottom of
the screen.
• For assistance in navigating
www.reginfo.gov, please contact the
ADDRESSES:
PO 00000
Frm 00167
Fmt 4703
Sfmt 4703
77953
Regulatory Information Service Center
at (202) 482–7340.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, OCC Clearance
Officer, (202) 649–5490, Chief Counsel’s
Office, Office of the Comptroller of the
Currency, 400 7th Street SW, Suite 3E–
218, Washington, DC 20219. If you are
deaf, hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the
PRA (44 U.S.C. 3501 et seq.), Federal
agencies must obtain approval from the
OMB for each collection of information
they conduct or sponsor. ‘‘Collection of
information’’ is defined in 44 U.S.C.
3502(3) and 5 CFR 1320.3(c) to include
agency requests and/or requirements
that members of the public submit
reports, keep records, or provide
information to a third party. The OCC
asks the OMB to extend its approval of
the collection in this notice.
Title: Extensions of Credit to Insiders
and Transactions with Affiliates.
OMB Number: 1557–0336.
Description: National banks and
Federal savings associations must
comply with rules of the Board of
Governors of the Federal Reserve
System (Board) regarding extensions of
credit to insiders (Regulation O) 1 and
transactions with affiliates (Regulation
W),2 which implement section 22 and
sections 23A and 23B, respectively, of
the Federal Reserve Act (FRA).3 Twelve
CFR part 31 addresses these transactions
for national banks and Federal savings
associations. Specifically, 12 CFR 31.2
requires national banks and Federal
savings associations to comply with
Regulation O, and 12 CFR 31.3 requires
national banks and Federal savings
associations to comply with Regulation
W. Appendix A to part 31 provides
interpretive guidance on the application
of Regulation W to deposits between
affiliated banks.
Twelve CFR 31.3(c) implements the
statutory standards for authorizing an
exemption from section 23A of the FRA
or section 11 of the Home Owners’ Loan
Act (HOLA) 4 in accordance with
section 608 of the Dodd Frank Wall
Street Reform and Consumer Protection
Act (Dodd-Frank Act). Section 608,
which became effective on July 21,
2012, amended section 23A of the FRA
and section 11 of the HOLA to authorize
1 12
CFR part 215.
CFR part 223.
3 12 U.S.C. 371c, 371c–1, 375a, and 375b. In
addition, section 11 of the Home Owners’ Loan Act,
12 U.S.C. 1468, includes certain restrictions on
transactions with affiliates that are not included in
FRA section 23A.
4 12 U.S.C. 1468.
2 12
E:\FR\FM\20DEN1.SGM
20DEN1
]]>Agencies
[Federal Register Volume 87, Number 243 (Tuesday, December 20, 2022)]
[Notices]
[Pages 77952-77953]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27591]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
Agency Information Collection Activities: Information Collection
Renewal; Submission for OMB Review; Guidance on Sound Incentive
Compensation Policies
AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.
ACTION: Notice and request for comment.
-----------------------------------------------------------------------
SUMMARY: The OCC, as part of its continuing effort to reduce paperwork
and respondent burden, invites comment on the renewal of an information
collection as required by the Paperwork Reduction Act of 1995 (PRA). An
agency may not conduct or sponsor, and a respondent is not required to
respond to, an information collection unless it displays a currently
valid Office of Management and Budget (OMB) control number. The OCC is
soliciting comment concerning renewal of an information collection
titled, ``Guidance on Sound Incentive Compensation Policies.'' The OCC
also is giving notice that it has sent the collection to OMB for
review.
DATES: Written comments should be submitted by January 19, 2023.
ADDRESSES: Commenters are encouraged to submit comments by email, if
possible. You may submit comments by any of the following methods:
Email: [email protected].
Mail: Chief Counsel's Office, Attention: Comment
Processing, 1557-0245, Office of the Comptroller of the Currency, 400
7th Street SW, Suite 3E-218, Washington, DC 20219.
Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218,
Washington, DC 20219.
Fax: (571) 293-4835.
Instructions: You must include ``OCC'' as the agency name and
``1557-0245'' in your comment. In general, the OCC will publish
comments on www.reginfo.gov without change, including any business or
personal information provided, such as name and address information,
email addresses, or phone numbers. Comments received, including
attachments and other supporting materials, are part of the public
record and subject to public disclosure. Do not include any information
in your comment or supporting materials that you consider confidential
or inappropriate for public disclosure.
Written comments and recommendations for the proposed information
collection should also be sent within 30 days of publication of this
notice to www.reginfo.gov/public/do/PRAMain. You can find this
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
You may review comments and other related materials that pertain to
this information collection following the close of the 30-day comment
period for this notice by the method set forth in the next bullet.
Viewing Comments Electronically: Go to www.reginfo.gov.
Hover over the ``Information Collection Review'' tab and click on
``Information Collection Review'' from the drop-down menu. From the
``Currently under Review'' drop-down menu, select ``Department of
Treasury'' and then click ``submit.'' This information collection can
be located by searching by OMB control number ``1557-0245'' or
``Guidance on Sound Incentive Compensation Policies.'' Upon finding the
appropriate information collection, click on the related ``ICR
Reference Number.'' On the next screen, select ``View Supporting
Statement and Other Documents'' and then click on the link to any
comment listed at the bottom of the screen.
For assistance in navigating www.reginfo.gov, please
contact the Regulatory Information Service Center at (202) 482-7340.
FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance
Officer, (202) 649-5490, Chief Counsel's Office, Office of the
Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219.
If you are deaf, hard of hearing, or have a speech disability, please
dial 7-1-1 to access telecommunications relay services.
SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.),
Federal agencies must obtain approval from OMB for each collection of
information they conduct or sponsor. ``Collection of information'' is
defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency
requests and/or requirements that members of the public submit reports,
keep records, or provide information to a third party. The OCC asks the
OMB to extend its approval of the collection in this notice.
Title: Guidance on Sound Incentive Compensation Policies.
OMB Number: 1557-0245.
Abstract: The guidance states that each large national bank and
Federal savings association should: (i) have policies and procedures
that identify and describe the role(s) of the personnel and units
authorized to be involved in developing and administering incentive
compensation arrangements, identify the source of significant risk-
related factors, establish appropriate controls governing these factors
to help ensure their reliability, and identify the individual(s) and
unit(s) whose approval is necessary for the establishment or
modification of incentive compensation arrangements; (ii) create and
maintain sufficient documentation to permit an audit of the
organization's processes for developing and administering incentive
compensation arrangements; (iii) have any material exceptions or
adjustments to the incentive compensation arrangements established for
senior executives approved and documented by its board of directors;
and (iv) have its board of directors receive and review, on an annual
or more frequent basis, an assessment by management of the
effectiveness of the design and operation of the organization's
incentive compensation system in providing risk-taking incentives that
are consistent with the organization's safety and soundness. The
principles discussed in the guidance will vary with the size and
complexity of a banking organization, and monitoring methods for small
banks are not directly addressed by these four policies and procedures
in the guidance.
Type of Review: Regular.
Affected Public: Business or other for-profit.
Estimated Number of Respondents for Yearly Maintenance: 1,093 (38
large banks; 1,055 small banks).
Estimated Number of Respondents for Setup: 1 large bank; 1 small
bank.
Estimated Burden per Respondent: 520 hours for large banks (480
hours for set up; 40 hours for yearly maintenance); 90 hours for small
banks (60 hours for set up; 30 hours for yearly maintenance).
Total Annual Burden: 33,710 hours.
Frequency of Response: Annually.
[[Page 77953]]
On September 20, 2022, the OCC published a notice for 60 days of
comments concerning this collection, 87 FR 57555. No comments were
received. Comments continue to be solicited on:
(a) Whether the collection of information is necessary for the
proper performance of the functions of the OCC, including whether the
information has practical utility;
(b) The accuracy of the OCC's estimate of the information
collection burden;
(c) Ways to enhance the quality, utility, and clarity of the
information to be collected;
(d) Ways to minimize the burden of the 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, and purchase of services to provide information.
Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2022-27591 Filed 12-19-22; 8:45 am]
BILLING CODE 4810-33-P
