Section 1 Short title
This Act may be cited as the “Curtailing Unreasonable Remuneration at Banks Act” or the “CURB Act”.
Curtailing Unreasonable Remuneration at Banks Act
A BILL
To permit the Director of the Federal Housing Finance Agency to set compensation for executive officers of Federal Home Loan Banks, and for other purposes.
Sec. 2 Compensation for executive officers of Federal Home Loan Banks
Section 7 of the Federal Home Loan Bank Act (12 U.S.C. 1427) is amended—
in the first subsection (l) (relating to withholding of compensation)—
in the subsection heading, by striking “Withholding of compensation” and inserting “Compensation of executive officers”;
by striking “Notwithstanding” and inserting the following:
“(1) Withholding of compensation—Notwithstanding”
by adding at the end the following:
“(1) Setting compensation—Notwithstanding section 1318(d) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4518(d)), the Director may establish compensation for any executive officer of a Federal Home Loan Bank that is reasonable and comparable in accordance with regulations promulgated by the Director.”
by striking the second subsection (l) (relating to the transition rule).