ALEXANDRIA, Va. — Large credit unions would have to file an annual report on incentive-based compensation programs and couldn't have any such programs that encourage exposure to inappropriate risks, under a proposed rule the NCUA board issued for comment at its Feb. 17 meeting.
Credit unions with $1 billion or more in assets couldn't have programs that might lead to material loss and have to document their compliance procedures.
Credit unions with assets of $10 billion or more would have to meet all those requirements and defer at least 50% of their incentive-based compensation for at least three years and adjust payments to reflect subsequent losses caused by the decisions.
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