New law will limit salaries for bankers. (Federal Deposit Insurance Corporation Improvement Act of 1991)

From: Los Angeles Business Journal | Date: February 10, 1992| Author: Hock, Sandy | Copyright information

Bankers are bracing for a new law that allows federal regulators to dictate their pay and benefits.

The new rule was signed into law late last year as part of the Federal Deposit Insurance Corp. Improvement Act of 1991. Under the terms of the rule, federal regulators must prohibit any agreement that would provide "excessive compensation" for directors, executive officers, employees or principal shareholders of a federally insured financial institution. This includes banks, s...

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