Not later than 9 months after July 21, 2010, the appropriate Federal regulators jointly shall prescribe regulations or guidelines to require each covered financial institution to disclose to the appropriate Federal regulator the structures of all incentive-based compensation arrangements offered by such covered financial institutions sufficient to determine whether the compensation structure-
Nothing in this section shall be construed as requiring the reporting of the actual compensation of particular individuals. Nothing in this section shall be construed to require a covered financial institution that does not have an incentive-based payment arrangement to make the disclosures required under this subsection.
Not later than 9 months after July 21, 2010, the appropriate Federal regulators shall jointly prescribe regulations or guidelines that prohibit any types of incentive-based payment arrangement, or any feature of any such arrangement, that the regulators determine encourages inappropriate risks by covered financial institutions-
The appropriate Federal regulators shall-
The provisions of this section and the regulations issued under this section shall be enforced under section 505 of the Gramm-Leach-Bliley Act [ 15 U.S.C. 6805 ] and, for purposes of such section, a violation of this section or such regulations shall be treated as a violation of subtitle A of title V of such Act [ 15 U.S.C. 6801 et seq.].
As used in this section-
The requirements of this section shall not apply to covered financial institutions with assets of less than $1,000,000,000.
1 See References in Text note below.
12 U.S.C. § 5641
EDITORIAL NOTES
REFERENCES IN TEXTSection 1831p-1 of this title, referred to in subsec. (c)(1), was in the original "section of the Federal Deposit Insurance Act ( 12 U.S.C. 21831p-1 )", and was translated as reading "section 39 of the Federal Deposit Insurance Act", which is classified to section 1831p-1 of this title, to reflect the probable intent of Congress.The Gramm-Leach-Bliley Act, referred to in subsec. (d), is Pub. L. 106-102, 113 Stat. 1338. Subtitle A (§§501-510) of title V of the Act is classified principally to subchapter I (§6801 et seq.) of chapter 94 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title of 1999 Amendment note set out under section 1811 of this title and Tables.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111-203 set out as a note under section 5301 of this title.
- Director
- The term "Director" means the Director of the Bureau.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.