Incentive Based Compensation Arrangements

ICR 201104-1550-001

OMB: 1550-0131

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2011-04-15
IC Document Collections
IC ID
Document
Title
Status
198195
New
ICR Details
1550-0131 201104-1550-001
Historical Inactive
TREAS/OTS
Incentive Based Compensation Arrangements
New collection (Request for a new OMB Control Number)   No
Regular
Comment filed on proposed rule 06/22/2011
Retrieve Notice of Action (NOA) 04/15/2011
Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). In accordance with 5 CFR 1320, OMB is withholding approval at this time. The agency shall examine public comment in response to the NPRM and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.
  Inventory as of this Action Requested Previously Approved
36 Months From Approved
0 0 0
0 0 0
0 0 0

The OTS, OCC, FRB, NCUA, SEC,and FHFA are proposing to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule would require the reporting of incentive-based compensation arrangements by covered financial institutions and prohibit incentive-based compensation arrangements at a covered financial institution that provide excessive or that could expose the institution to inappropriate risks that could lead to material financial loss.

US Code: 12 USC 1 et seq. Name of Law: The National Bank Act
   PL: Pub.L. 111 - 203 956 Name of Law: Dodd-Frank Wall Street Reform and Consumer Protection Act
  
None

1550-AC49 Proposed rulemaking 76 FR 21170 04/14/2011

No

1
IC Title Form No. Form Name
Incentive Based Compensation Arrangements

Yes
Changing Regulations
No
OTS is citing an in crease in the burden as a program change due to the fact that this is a new collection. Section 956 of the Dodd-Frank Act requires that the agencies prohibit incentive-based payment arrangements at a covered financial institution that encourage inappropriate risks by a financial institution by providing excessive compensation or that could lead to material financial loss. Under the Dodd-Frank Act, a covered financial institution also must disclose to its appropriate Federal regulator the structure of its incentive-based compensation arrangements sufficient to determine whether the structure provides "excessive compensation, fees, or benefits" or "could lead to material financial loss" to the institution. The Dodd-Frank Act does not require a covered financial institution to disclose compensation of individuals as part of this requirement.

No
No
No
Yes
No
Uncollected
James Caton 202 906-5680 [email protected]

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
04/15/2011


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