On April 21, 2016, the National Credit Union Administration approved a proposed rule on incentive compensation under Section 956 of the Dodd-Frank Act. The other appropriate Federal regulators, as defined in Section 956, are expected to follow suit shortly. Following is a chart of the key provisions of the proposal. Comments are due July 22, 2016. This chart summarizes the proposed rules required under Dodd-Frank regarding incentive compensation at certain "covered financial institutions" (Level 1, Level 2 and Level 3):
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