MEMO: Patton Boggs Clients and Friends Alert--Joint Proposed Rulemaking Regarding Financial Institution Incentive-Based Compensation Arrangements

    14 February 2011
    On February 7, 2011, the Federal Deposit Insurance Corporation (the “FDIC”), acting in conjunction and coordination with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, the National Credit Union Administration, the Securities and Exchange Commission and the Federal Housing Finance Agency (collectively, the “Agencies”), approved an interagency Notice of Proposed Rulemaking (“NPR”) on incentive-based compensation arrangements as required by Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”).