U.S. regulators, including the Office of the Comptroller of the
Currency (OCC) and the Federal Reserve, proposed the rules in 2011
as a way to prevent the excessive risk-taking that fueled the
2007-2009 financial crisis.
The rules, which were required by the 2010 Dodd-Frank Wall Street
oversight law, have not yet been finalized.
"We're making great progress in wrapping up many of the Dodd-Frank
rulemakings that we're required to do," Curry said at a Consumer
Federation of America conference in Washington.
"One of the undone provisions is the provision relating to incentive
compensation, and that's something that I personally would like to
take up and address within the first quarter of 2014," he said.
When it was proposed in 2011, the rule called for executives at the
largest financial institutions, such as Bank of America and Goldman
Sachs, to have half of their bonuses deferred over at least three
Curry's comments came in response to a question about provisions of
the Volcker rule that deal with bank employee pay. Curry said
incentive-based compensation should be addressed soon but that he
could not comment on the Volcker rule, which is scheduled for a vote
by regulators next week.
[to top of second column]
It is not clear whether the compensation rule could be finished
quickly. Regulators have been working to write a host of new rules
for U.S. financial institutions.
The Fed and other agencies still must set debt requirements for big
banks and finish aspects of capital rules. The OCC also plans to
examine its supervision of the biggest U.S. banks after a report
released on Thursday recommended changes to improve oversight.
(Reporting by Emily Stephenson; editing
by Steve Orlofsky)
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