Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Exec compensation draft released by Frank
WASHINGTON (7/20/09)—An executive compensation “discussion draft” is now circulating among lawmakers and its designer, Rep. Barney Frank (D-Mass.) said his committee plans to mark up legislation this week. Frank, who is chairman of House Financial Services Committee, noted the draft is based on a House-passed 2007 “Say-on-Pay” bill combined with new U.S. Treasury Department proposals. The discussion draft, titled the Corporate Fairness Act of 2009, is comprised of four major components. Addressing credit unions and other financial institutions are sections labeled “Incentive-Based Compensation Disclosure Requirements” and “Compensation Standards for Financial Institutions.” The first proposes to require financial institutions to disclose compensation structures that include any incentive-based elements. The second would require federal regulators to proscribe “inappropriate or imprudently risky” compensation practices as part of solvency regulation. No limits on executive compensation are contained in the draft. John Magill, senior vice president of legislative affairs for the Credit Union National Association (CUNA) said Friday that credit unions can expect timely guidance from CUNA on the issues involved for credit unions. “We are carefully studying the committee’s draft and consulting credit union compensation experts about its impact on CUs,” Magill said.


RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
8 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
12 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
13 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
13 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
14 hours ago