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
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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
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.
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.