12-U.S.C.-2209
§2209 – Compensation of Bank Directors
Pathway
Title 12 > Chapter 23 > Subchapter IV > Part D > Section 2209
Details
- Reference: Section 2209
- Legend: §2209 – Compensation of Bank Directors
- USCode Year: 2013
Provision Content
(a) In general
The Farm Credit Administration shall monitor the compensation of members of the board of directors of a System bank received as compensation for serving as a director of the bank to ensure that the amount of the compensation does not exceed a level of $20,000 per year, as adjusted to reflect changes in the Consumer Price Index for all urban consumers published by the Bureau of Labor Statistics, unless the Farm Credit Administration determines that such level adversely affects the safety and soundness of the bank.
(b) Waiver
The Farm Credit Administration may waive the limitation prescribed in subsection (a) of this section under exceptional circumstances, as determined in accordance with regulations promulgated by the Farm Credit Administration.
(Pub. L. 92–181, title IV, §4.21, as added Pub. L. 100–399, title IV, §414, Aug. 17, 1988, 102 Stat. 1004; amended Pub. L. 102–552, title V, §509, Oct. 28, 1992, 106 Stat. 4132.)
Amendments
1992—Pub. L. 102–552 amended section generally. Prior to amendment, section read as follows: No member of the board of directors of a System bank may receive more than $15,000 per year under this chapter as compensation for serving as a director of such bank.
Effective Date
Section effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100–399, set out as an Effective Date of 1988 Amendment note under section 2002 of this title.
U.S. Encyclopedia of Law Coverage
Part C – Rights of Borrowers; Loan Restructuring in the Legal Encyclopedia: Banking Law
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12-U.S.C.-2202C in the Legal Encyclopedia: Farm Credit System
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