Federal Housing Finance Agency October 23, 2009 – Federal Register Recent Federal Regulation Documents

Federal Home Loan Bank Directors' Compensation and Expenses
Document Number: E9-25577
Type: Proposed Rule
Date: 2009-10-23
Agency: Federal Housing Finance Board, Agencies and Commissions, Federal Housing Finance Agency
This proposed rule would implement section 1202 of the Housing and Economic Recovery Act of 2008 (HERA), which amended section 7(i) of the Federal Home Loan Bank Act (Bank Act) by repealing the statutory caps on the annual compensation that can be paid to Federal Home Loan Bank (Bank) directors. The proposed rule would allow each Bank to pay its directors reasonable compensation and expenses, subject to the authority of the Director (Director) of the Federal Housing Finance Agency (FHFA) to object to, and to prohibit prospectively, compensation and/or expenses that the Director determines are not reasonable.