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Risky Business—Fed Agencies to Alter Bank Compensation

first_imgRisky Business—Fed Agencies to Alter Bank Compensation April 26, 2016 481 Views In an attempt to prevent banks and other financial institutions from the excessively risky practices that led to the financial crisis and Great Recession, financial industry regulators are seeking comment on a proposed rule that would implement Section 956 of the Dodd-Frank Act and change compensation structures and align banks’ incentives.The new proposed rule is a revision of a rule that was proposed in April 2011 and is developed jointly by six federal regulatory agencies: the Office of the Comptroller of the Currency, the FDIC, the Federal Reserve Board, the Federal Housing Finance Agency (FHFA), the SEC, and the National Credit Union Administration (NCUA).Section 956 of the Dodd-Frank Act requires that federal regulating agencies jointly issue guidelines “(1) prohibiting incentive-based payment arrangements that the Agencies determine encourage inappropriate risks by certain financial institutions by providing excessive compensation or that could lead to material financial loss; and (2) requiring those financial institutions to disclose information concerning incentive-based compensation arrangements to the appropriate Federal regulator,” according to the proposed rule.Under Dodd-Frank, financial institutions covered are any of the following types of institutions that have $1 billion or more in assets:Depository institutions or depository institution holding companiesBroker-dealers registered under section 15 of the Securities Exchange Act of 1934Credit unionsInvestment advisersFannie Mae and Freddie MacAny other institution the regulators jointly decide should be covered“By requiring proper alignment of compensation incentives with an organization’s risk appetite, the rule calls on lending officers and other employees to put the interests of their institution above their own,” Comptroller of the Currency Thomas J. Curry said. “The rule will play an important role in helping safeguard financial institutions against practices that threaten safety and soundness, or could lead to material financial loss for the institution. It will also complement the OCC’s Heightened Standards guidelines, which address risk governance at large national banks and federal savings associations.”Representatives from JPMorgan Chase, Citigroup, and Bank of America all declined to comment on the new proposed rule.Comments on the proposed rule must be received by July 22, 2016.Click here to view the proposed rule. Banks Incentive-based Compensation Regulators 2016-04-26 Seth Welborncenter_img Share in Daily Dose, Government, Headlines, Newslast_img read more


Grace expects Greinke trade to have emotional impa

first_img Grace expects Greinke trade to have emotional impact Former Cardinals kicker Phil Dawson retires It sounds like a decision might have to do with the roster situation around him. And if that’s the case, it makes sense with the Cardinals having quite a few soon-to-be free agents on the 2016 roster.At 33 years old and as a 13-year NFL veteran, Fitzgerald first fueled speculation he’s not a lock to return next year when the Cardinals were mathematically eliminated from the playoffs with their loss to the Saints.“I got two more games to go,” Fitzgerald said Sunday. “I will play those games as hard as I can against two division opponents and we will see what goes on this offseason. My attention is solely focused on Seattle this Saturday.” The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo “No, I wouldn’t say that I’m contemplating it right now,” Fitzgerald said. “But I’m uncertain what I’m going to do moving forward. But I still love the game, I love the competition. I love being around the guys and competing for a championship. That’s a lot of fun to me. That’s kind of where I’m at right now. I’m really just focused on these last two games.”Fitzgerald, however, is still one of the NFL’s most productive receivers. Through 14 games, he’s first with 98 receptions, the fourth-most targeted wideout in the league and is 16th in the NFL with 949 yards.Gray wondered why Fitzgerald would even consider walking away from the game with a bit left in the tank.“I don’t play for the personal accolades or catches or yards,” Fitzgerald said. “I mean, those are all wonderful footnotes at the end of the day. Jim, you know, you’ve been around sports a long time, you play to win. When you’re sitting at home, watching other teams compete for a championship that you so dearly want, it puts a bitter, bitter taste in your mouth.“You’ll know how bad I hate sitting in the box with you.” Derrick Hall satisfied with D-backs’ buying and sellingcenter_img Top Stories 0 Comments   Share   Larry Fitzgerald isn’t saying he’s retiring after the 2016 season.The Cardinals receiver is also not saying he will not be retiring.Following a 48-41 loss to the New Orleans Saints and a day after he offered a somewhat vague response about whether he will return in 2017, the Arizona star offered a follow-up to Jim Gray on Westwood One Radio.Is Fitzgerald, who is under contract through 2017, contemplating retirement after this year? Arizona Cardinals wide receiver Larry Fitzgerald (11) waves during the second half of an NFL football game against the New Orleans Saints , Sunday, Dec. 18, 2016, in Glendale, Ariz. (AP Photo/Rick Scuteri)last_img read more