TARP Capital Purchase Program – Executive Compensation

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Justification for Nonsubstantive Change Adding CPP Executive Compensation Off-site Review Letter to TARP Capital Purchase Program - Executive Compensation ICR.docx	Justification for No Material/Nonsubstantive Change	Uploaded 2011-12-09	Available
CPP Executive Compensation Off-Site Review Letter (11 22 2011).docx	Supplementary Document	Uploaded 2011-12-09	Available
SS_TARP_Exec_Comp_SEP2010.docx	Supporting Statement A	Uploaded 2010-09-15	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
189545	Special Master on Executive Compensation Advisory Opinion Request		Unchanged
189544	Bonus, Retention Awards, and Other Compensation Submission		Unchanged
189543	Primary Executive and Financial Officers, Annual Certification		Unchanged
189542	Engagement of Compensation Consultant Narrative Description		Unchanged
189541	Senior Executive Officers and Highly Compensated Employees Disclosure	Other-Certification Email Request	Modified
189540	Special Master on Executive Compensation Submission		Unchanged
189539	Compensation Committee Risk Certification		Unchanged

ICR Details

OMB Control No: 1505-0219	ICR Reference No: 201112-1505-001
Status: Historical Active	Previous ICR Reference No: 201008-1505-004
Agency/Subagency: TREAS/DO	Agency Tracking No: TARP
Title: TARP Capital Purchase Program – Executive Compensation
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/10/2012
	Date Received in OIRA: 12/13/2011
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2013	11/30/2013	11/30/2013
Responses	3,076	0	3,076
Time Burden (Hours)	12,151	0	12,151
Cost Burden (Dollars)	0	0	0

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Abstract: Authorized under the Emergency Economic Stabilization Act of 2008 (EESA), Public Law 110-343, as amended by the American Recovery and Reinvestment Act of 2009 (ARRA), Public Law 111-5, the Department of the Treasury (Treasury) established the Troubled Asset Relief Program (TARP) to purchase, and to make and fund commitments to purchase, troubled assets from any financial institution on such terms and conditions determined by the Secretary. Section 111 of EESA, as amended by ARRA, provides that certain entities receiving financial assistance from Treasury under TARP (TARP recipients) will be subject to specified executive compensation and corporate governance standards established by the Secretary. These standards were set forth in the interim final rule published on June 15, 2009 (74 FR 28394), as corrected on December 7, 2009 (74 FR 63990) (the Interim Final Rule). The standards implemented in the Interim Final Rule require that TARP recipients submit certain information pertaining to their executive compensation and corporate governance practices.

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Authorizing Statute(s): PL: Pub.L. 110 - 343 1 Name of Law: Emergency Economic Stabilization Act of 2008
   PL: Pub.L. 111 - 5 1 Name of Law: American Recovery and Reinvestment Act of 2009
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 41572	07/16/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 55634	09/13/2010
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 7

table that charts list of burden

IC Title	Form No.	Form Name
Primary Executive and Financial Officers, Annual Certification
Engagement of Compensation Consultant Narrative Description
Bonus, Retention Awards, and Other Compensation Submission
Special Master on Executive Compensation Advisory Opinion Request
Compensation Committee Risk Certification
Special Master on Executive Compensation Submission
Senior Executive Officers and Highly Compensated Employees Disclosure

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	3,076	3,076	0	0	0	0
Annual Time Burden (Hours)	12,151	12,151	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The number of TARP recipients who received assistance from Treasury and awarded executive compensation before February 17, 2009, was 419 firms – rather than 300 firms as first estimated. With more firms, the total annual burden hours required for the firms to complete their submissions increased. Additionally, the burden hours required per response were significantly higher than initially estimated for the seven exceptional assistance firms to complete their submissions regarding the approval of all compensation payments to, and compensation structures for, senior executive officers and the most highly compensated employees subject to certain bonus prohibitions under the statute, as well as the approval of the compensation structures for any employee who is either an executive officer or one of the top 100 most highly compensated employees and is not subject to the bonus prohibitions under the statute.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Yes

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 12/13/2011

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