Acting Comptroller Issues Statement on Notice of Proposed Rulemaking on Incentive Compensation — 2024-05-06

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement supporting an interagency notice of proposed rulemaking (NPR) on incentive compensation. Section 956 of the Dodd Frank Act requires six agencies, including the Office of the Comptroller of the Currency (OCC), to jointly adopt a rule or guidelines to govern incentive compensation. The six agencies issued a joint notice of proposed rulemaking on incentive compensation in 2016 but have not yet published a final rule. Today, I approved an NPR for comment to fulfill Congress’ mandate to address excessive incentive compensation and compensation that could lead to material financial loss, and initiate renewed public dialogue on this topic. The NPR is based on the proposed rule text issued in 2016, which was supported by six federal agencies, with a new preamble that acknowledges developments and supervisory learnings.