Rules and Regulations. Notice and request for comments

Agency: Office of the Comptroller of the Currency (OCC), Treasury
Action: Notice and request for comments
Citation: FR Doc. 2010-24282

Summary

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a proposed information collection, as required by the Paperwork Reduction Act of 1995. 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 OMB control number. Currently, the OCC is soliciting comments concerning an information collection titled “Guidance on Sound Incentive Compensation Practices.” The OCC also gives notice that it has sent the collection to OMB for review.

Dates

Written comments should be submitted by October 28, 2010.

Supplementary Information

The OCC is requesting regular clearance of a collection for which it received emergency approval. 1 1 75 FR 36395 (June 25, 2010). Title: Guidance on Sound Incentive Compensation Policies. OMB Number: 1557-0245. Abstract: Under the guidance, national banks are required to: (i) Have policies and procedures that identify and describe the role(s) of the personnel and units authorized to be involved in incentive compensation arrangements, identify the source of significant risk-related inputs, establish appropriate controls governing these inputs to help ensure their integrity, 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 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. Type of Review: Regular. Affected Public: Businesses or other for-profit. Estimated Number of Respondents: 1,033 large banks; 617 small banks. Estimated Burden per Respondent: 480 hours for large banks to modify policies and procedures to monitor incentive compensation. 80 hours for small banks to establish or modify policies and procedures to monitor incentive compensation. 40 hours annually for all banks to maintain policies and procedures to monitor incentive compensation arrangements. Frequency of Response: Annually. Total Annual Burden: 611,200 hours. A 60-Day Federal Register notice was issued on July 22, 2010 (75 FR 42823). No comments were received. Comments continue to be invited 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 OCCs 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. Dated: September 22, 2010. Michele Meyer, Assistant Director, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency. [FR Doc. 2010-24282 Filed 9-27-10; 8:45 am]