The Federal Reserve Board seeks input on a proposed rule that could limit incentive-based executive compensation based on risk-taking behavior by banks. The move stems from the Dodd-Frank Act and comments are due July 22.
Fannie, Freddie set new short sale timelines Freddie Mac’s new short sale timelines require servicers to make a decision within 30 days of receiving either 1) an offer on a property under Freddie Mac’s traditional short sale program or 2) a completed Borrower Response Package (BRP) requesting consideration for a short sale under HAFA or Freddie Mac’s traditional short sale program.
The proposed rules aim to limit inappropriate risk-taking at larger financial institutions by creating requirements to, among other things, require substantial deferrals of such larger institutions executives’ incentive compensation and providing for seven year clawbacks after vesting of incentive compensation.
The proposed rule recognizes that some employees of a firm other than the executive officers may have the ability to impact the risk profile of the covered financial institution. Accordingly, at larger covered financial institutions, the proposed rule would set forth additional requirements for employees exposing such institution to risk of significant loss.
New proposed rules on executive compensation at financial institutions ALERT MAY 06, 2016 The National Credit Union Administration (NCUA) recently issued a proposed rule designed to regulate the pay of executives at banks and credit unions around the country.
In short, the proposed rule responds to a legislative concern that executive compensation at financial institutions has sometimes been misaligned with long-term performance and risk management. Critics raise questions as to whether the proposed rule achieves or undermines the intended policy goals.
On the board’s agenda | US 3 Pay mix (e.g. fixed compensation vs. "at-risk" compensation): The mix of pay can vary among employee groups, and compensation committees should ask their management teams to confirm how pay mix links pay to performance and if the "at-risk" portion of pay is appropriate for each employee group. For example,
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Comptroller of the Currency Thomas J. Curry today made the following statement at a board meeting of the Federal Deposit Insurance Corporation (FDIC) on his vote approving the proposed Incentive-Compensation Rule, implementing Section 956 of the Dodd-Frank Consumer Protection and Wall Street Reform Act of 2010.
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Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission, and the National Credit Union Administration. The Comptroller has approved issuing the preamble and the OCC’s portion of the proposed rule text.
The Federal Reserve joined the Treasury Department on Thursday in imposing new limits on executive pay, extending the government’s control over compensation at taxpayer-owned companies to.