[Federal Register Volume 79, Number 18 (Tuesday, January 28, 2014)]
[Notices]
[Pages 4467-4468]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-01569]


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FEDERAL DEPOSIT INSURANCE CORPORATION


Agency Information Collection Activities: Submission for OMB 
Review; Comment Request: Guidance on Sound Incentive Compensation 
Policies

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Notice and request for comment.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act (PRA) of 1995 (44 U.S.C. chapter 35), the FDIC may not conduct or 
sponsor, and the respondent is not required to respond to, an 
information collection unless it displays a currently valid Office of 
Management and Budget (OMB) control number. As part of its continuing 
effort to reduce paperwork and respondent burden, the FDIC invites the 
general public and other Federal agencies to take this opportunity to 
comment on renewal of an existing information collection, as required 
by the PRA. On October 22, 2013 (78 FR 62632), the FDIC requested 
comment for 60 days on renewal of its information collection entitled

[[Page 4468]]

Guidance on Sound Incentive Compensation Policies, which is currently 
approved under OMB Control No. 3064-0175. No comments were received on 
the proposal to renew. The FDIC hereby gives notice of submission to 
OMB of its request to renew the collection.

DATES: Comments must be submitted on or before February 27, 2014.

ADDRESSES: Interested parties are invited to submit written comments to 
the FDIC by any of the following methods:
     http://www.FDIC.gov/regulations/laws/federal/notices.html
     Email: [email protected] Include the name of the 
collection in the subject line of the message.
     Mail: Leneta G. Gregorie (202-898-3719), Counsel, Room 
NYA-5050, Federal Deposit Insurance Corporation, 550 17th Street NW., 
Washington, DC 20429.
     Hand Delivery: Comments may be hand-delivered to the guard 
station at the rear of the 17th Street Building (located on F Street), 
on business days between 7 a.m. and 5 p.m.
All comments should refer to the relevant OMB control number. A copy of 
the comments may also be submitted to the OMB desk officer for the 
FDIC: Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Washington, DC 
20503.

FOR FURTHER INFORMATION CONTACT: Leneta Gregorie, at the FDIC address 
above.

SUPPLEMENTARY INFORMATION:

Proposal To Renew the Following Currently Approved Collection of 
Information

    Title: Guidance on Sound Incentive Compensation Policies.
    OMB Number: 3064-0175.
    Frequency of Response: maintenance--annual.
    Affected Public: Insured state nonmember banks and state savings 
associations.
    Estimated Number of Respondents: 4346.
    Estimated Time per Response: maintenance--40 hours.
    Total Annual Burden: 173,840 hours.
    General Description of Collection:
    The Guidance on Sound Incentive Compensation Practices helps ensure 
that incentive compensation policies at insured state nonmember banks 
and state savings associations do not encourage excessive risk-taking 
and are consistent with the safety and soundness of the organization. 
Under the Guidance, 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 operation of the organization's 
incentive compensation system in providing risk-taking incentives that 
are consistent with the organization's safety and soundness.

Request for Comment

    Comments are invited on: (a) Whether the collection of information 
is necessary for the proper performance of the FDIC's functions, 
including whether the information has practical utility; (b) the 
accuracy of the estimates of the burden of the information collection, 
including the validity of the methodology and assumptions used; (c) 
ways to enhance the quality, utility, and clarity of the information to 
be collected; and (d) ways to minimize the burden of the information 
collection on respondents, including through the use of automated 
collection techniques or other forms of information technology. All 
comments will become a matter of public record.

    Dated at Washington, DC, this 23rd day of January, 2014.

Federal Deposit Insurance Corporation.
Robert E. Feldman,
Executive Secretary.
[FR Doc. 2014-01569 Filed 1-27-14; 8:45 am]
BILLING CODE 6714-01-P