CUNA Seeks Exempting CU's From Compensation Law Posted by AVCU on 5:48 PM

CUNA sent a letter regarding H.R. 3269, the Corporate and Financial Institution Compensation and Fairness Act, to House Financial Services Committee Chairman Barney Frank and Ranking Member Spencer Bachus. It also went to Members of the Financial Services Committee. This legislation is scheduled to be considered by the House Financial Services Committee tomorrow. Advocates of the legislation have concern regarding the effect compensation structures that encourage excessive risk-taking have on the safety of financial institutions and the economy. However, due to credit union structures and much lower average executive compensations CUNA is seeking for credit unions to be excluded from legislation obviously intended to address egregious compensation at the uppermost levels in large financial institutions.