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Subject: Incentive-Based Compensation Arrangements
Date: April 28, 2011
To: Chief Executive Officers of All National Banks, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Joint Notice of Proposed Rulemaking
The Office of the Comptroller of the Currency (OCC), jointly with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration, the Securities and Exchange Commission, and the Federal Housing Finance Agency, published a notice of proposed rulemaking in the Federal Register on April 14, 2011, to implement the incentive-based compensation provisions of section 956 of the Dodd–Frank Wall Street Reform and Consumer Protection Act.
The joint proposed rule includes the following provisions that would apply to covered financial institutions with total consolidated assets of $1 billion or more:
The joint proposed rule also includes the following provisions applicable to covered financial institutions that have total consolidated assets of $50 billion or more:
The comment period for the proposed rulemaking action closes on May 31, 2011.
For further information, contact Michele Meyer, Assistant Director, or Patrick Tierney, Counsel, in the Legislative and Regulatory Activities Division at (202) 874–5090.
Julie L. Williams