Even though only 153 credit unions would be affected, CUNA and NAFCU are both opposing a bill working its way through Congress that would place limits on executive compensation.
The measure, which passed the House Financial Services Committee last Tuesday and was scheduled to be voted on by the full House last Friday, lets regulators limit "inappropriate or imprudently risky" pay packages.
The bill exempts firms with assets of under $1 billion. According to data compiled by the NCUA and CUNA, there are 153 credit unions with assets of $1 billion or more.The bill, which was approved by the House panel along party lines, gives shareholders more opportunity to weigh in on executive compensation. It also mandates that federal regulators write rules requiring financial institutions to disclose incentive-based pay plans for their executives.
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