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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.


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