Overview
Title
Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Examination Survey
Agencies
ELI5 AI
The Office of the Comptroller of the Currency (OCC) wants to hear what people think about how they check on banks to make sure everything's going well. They ask people to fill out a short survey to give feedback to help them improve.
Summary AI
The Office of the Comptroller of the Currency (OCC) is seeking public and agency comments on the renewal of an information collection called the "Examination Survey," as required by the Paperwork Reduction Act. This survey collects feedback from banks regarding the OCC's supervisory activities and aims to improve the examination process through responses on communication, data requests, and examiner professionalism. Comments are due by February 10, 2021, and can be submitted via email, mail, fax, or courier. The survey helps the OCC in enhancing examination quality and targeting examiner training.
Abstract
The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the renewal of an information collection, as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning renewal of its information collection titled, "Examination Survey." The OCC also is giving notice that it has sent the collection to OMB for review.
Keywords AI
Sources
AnalysisAI
In a recent notice published by the Office of the Comptroller of the Currency (OCC), the agency is inviting feedback on the renewal of an "Examination Survey" information collection. This effort, mandated by the Paperwork Reduction Act, signifies the OCC's ongoing initiative to lessen bureaucratic requirements and refine their processes. The survey solicits input from various banking institutions on the effectiveness of national bank supervision, aiming to gather insights into areas like communication, requests for information, and examiner conduct. Comments regarding this survey are being accepted until February 10, 2021, and can be submitted through several methods, including email and postal mail.
Key Issues and Concerns
An essential concern is the lack of detail about the specific data being gathered in the "Examination Survey." The broad description of the feedback sought might confuse the institutions expected to respond, potentially affecting the quality and usefulness of the responses. Since these institutions are crucial stakeholders, any ambiguity could hinder effective collaboration.
Additionally, during an earlier 60-day comment period, no public responses were recorded. This lack of engagement may signal insufficient awareness or understanding of the survey's importance among stakeholders or the general public. The submission process also appears complex, with instructions that might seem daunting to potential commenters, possibly influencing lower participation rates.
The OCC estimates an annual burden of 286 hours distributed over 1,714 respondents, averaging about 10 minutes per response. Whether this accurately reflects the time needed is questionable, particularly if detailed evaluations are necessary. A more thorough estimation could better prepare respondents and foster more thoughtful feedback.
Impact on the Public
For the general public, especially those who bank with national institutions, the survey represents an opportunity for their financial service providers to influence regulatory practices. Though indirectly, this may lead to improved banking oversight, potentially enhancing customer experiences and trust in financial stability.
Impact on Stakeholders
For banks and financial institutions, this survey is a direct channel through which their operational feedback can shape regulatory practices. A well-received survey could prompt meaningful changes in how these institutions are supervised, ideally leading to a more streamlined and less burdensome regulatory environment. However, if the process is seen as tedious or if stakeholders feel their input is undervalued, it could discourage future cooperation.
These activities by the OCC underscore a commitment to continuous improvement and responsiveness to industry feedback. For their efforts to be truly effective, engagement strategies may need enhancement, ensuring stakeholders understand the significance of the survey and how their input could catalyze positive change in regulatory oversight.
Issues
• The document mentions the collection of information titled 'Examination Survey,' but it does not specify the specific data or metrics collected, which might lead to ambiguity about what information respondents are providing.
• No comments were received during the initial 60-day notice period, which may indicate a lack of awareness or engagement from the public or relevant stakeholders.
• The process to submit comments is detailed, requiring multiple steps, which might deter participation and input from the general public.
• The burden estimate of 286 hours for 1,714 respondents indicates an average time of approximately 10 minutes per respondent. This estimation might not accurately reflect the time needed if the survey covers detailed feedback about various aspects of OCC's activities.
• There is a lack of detail about how OCC plans to utilize the feedback gathered from the survey effectively to improve its examination processes.