---
kind: "section"
citation: "12 C.F.R. § 150.390"
title: "12"
number: "150.390"
heading: "May my officer or employee retain compensation for acting as a co-fiduciary?"
url: "https://uscodex.org/cfr/12/150.390"
---

# §150.390. May my officer or employee retain compensation for acting as a co-fiduciary?


You may not permit your officers or employees to retain any compensation for acting as a co-fiduciary with you in the administration of a fiduciary account, except with the specific approval of your board of directors.


## Notes

### Authority

Authority: 12 U.S.C. 1462a, 1463, 1464, 5412(b)(2)(B).

### Source

Source: 76 FR 49003, Aug. 9, 2011, unless otherwise noted.