United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 23. FARM CREDIT SYSTEM |
SubChapter IV. PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF INSTITUTIONS OF THE SYSTEM |
Part D. Activities of Institutions of the System |
§ 2209. Compensation of bank directors
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(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.
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