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Practice Management > Compensation and Fees

Dear OFS: About That Compensation Report . . .

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The Office of Financial Stability (OFS) is asking for comments on the Troubled Asset Relief Program executive compensation data collection effort.

The OFS, an arm of the U.S. Treasury Department, is supposed to collect the executive compensation information to enforce the federal executive compensation rules that apply to TARP assistance recipients.

The federal Paperwork Reduction Act requires agencies to assess data collection efforts. OFS officials are seeking Office of Management and Budget approval for the TARP executive compensation data collection and for a related collection of information about potential TARP conflicts of interest.

Comments on the collection efforts are due Sept. 14.

The executive compensation data collection will generate about 3,083 responses from 650 respondents, and those respondents will spend about 11,130 hours preparing the responses, officials estimate.

The conflict-of-interest data collection could lead 35 respondents to spend about 3,446 hours preparing 418 responses, officials say.

OFS officials are asking commenters to discuss whether they believe the data collections are necessary, the accuracy of the burden estimates, ways to improve the data collection efforts, and ways to minimize the burden of the data collection efforts.