Interagency Guidance on Sound Incentive Compensation Policies

ICR 201703-3064-005

OMB: 3064-0175

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2017-04-25
Supplementary Document
2017-03-15
Supplementary Document
2017-03-15
IC Document Collections
IC ID
Document
Title
Status
193287 Modified
ICR Details
3064-0175 201703-3064-005
Historical Active 201309-3064-005
FDIC 3064-0175
Interagency Guidance on Sound Incentive Compensation Policies
Extension without change of a currently approved collection   No
Regular
Approved without change 06/26/2017
Retrieve Notice of Action (NOA) 04/25/2017
  Inventory as of this Action Requested Previously Approved
06/30/2020 36 Months From Approved 06/30/2017
3,878 0 4,346
155,120 0 173,840
0 0 0

Incentive compensation practices in the financial services industry contributed to the financial crisis that began in 2007. Bank employees too often were rewarded for increasing short-term revenue or profit without adequate regard to the risks taken to achieve those results. These practices exacerbated the risks and losses at a number of banking organizations and resulted in the misalignment of the interests of employees with the long-term safety and soundness of their organizations. The Federal banking agencies, including the FDIC, have concluded that it is appropriate and urgent that incentive compensation practices be brought under control through issuance of this guidance.

US Code: 12 USC 1831p-1 Name of Law: Federal Deposit Insurance Act
  
None

Not associated with rulemaking

  81 FR 85562 11/28/2016
82 FR 10008 02/09/2017
No

1
IC Title Form No. Form Name
Annual maintenance of policies and procedures

  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 3,878 4,346 0 0 -468 0
Annual Time Burden (Hours) 155,120 173,840 0 0 -18,720 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Jennifer Jones 202 551-5776 [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.
04/25/2017


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