Comments due on proposal to restrict incentive-based compensation
07/22/2016
Status:
A joint press release from six federal agencies (FDIC, FHFA, FRB, NCUA, OCC, and SEC) invites public comment on a proposed rule that would prohibit incentive-based compensation arrangements that encourage inappropriate risks at covered financial institutions. The deadline for comments on the proposal, which was submitted for publication in the Federal Register, is July 22, 2016. The proposed rules would apply to covered financial institutions with total assets of $1 billion or more. The requirements are tailored based on assets, and covered institutions would be divided into three categories:
- Level 1: institutions with assets of $250 billion and above;
- Level 2: institutions with assets of $50 billion to $250 billion; and
- Level 3: institutions with assets of $1 billion to $50 billion.
print
share