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FHFA RIN: 2590-AA42 Publication ID: Fall 2019 
Title: Incentive-Based Compensation Arrangements 

Federal Housing Finance Agency (FHFA), jointly with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Association, and the Securities and Exchange Commission, is directed by the Dodd-Frank Act to adopt a regulation that will set forth requirements and processes with respect to incentive-based compensation provided to certain employees by "covered financial institutions" that the agencies regulate, which for FHFA are the Federal National Mortgage Association (Fannie Mae); the Federal Home Loan Mortgage Corporation (Freddie Mac); and the Federal Home Loan Banks, pursuant to section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5641) and sections 1311 and 1318 of the Federal Housing Enterprises Financial Safety and Soundness Act (12 U.S.C. 4511). The regulation will require each regulated entity to disclose to its regulator the structures of its incentive-based compensation arrangements, and would prohibit incentive-based compensation arrangements that encourage inappropriate risk-taking.

Agency: Federal Housing Finance Agency(FHFA)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
EO 13771 Designation: Independent agency 
CFR Citation: 12 CFR 1232   
Legal Authority: 12 U.S.C. 4511(b)    12 U.S.C. 4513 to 4514    12 U.S.C. 4526    12 U.S.C. 5641   
Legal Deadline:
Action Source Description Date
Other  Statutory  Dodd-Frank, Public Law 111-203, 124 Stat. 1376 mandates to issue regulations by 9 months after enactment.  04/21/2011 
Action Date FR Cite
NPRM  04/14/2011  76 FR 21170   
NPRM Comment Period End  05/31/2011    
Second NPRM  06/10/2016  81 FR 37670   
Correction  07/05/2016  81 FR 43530   
Second NPRM Comment Period End  07/22/2016 
Third NPRM  12/00/2019 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL:;   Public Comment URL:;  
RIN Data Printed in the FR: No 
Related Agencies: Joint: TREAS/OCC, FRS, FDIC, null/null, NCUA, SEC; 
Agency Contact:
Lindsay Simmons
Assistant General Counsel
Federal Housing Finance Agency
400 Seventh Street SW,
Washington, DC 20219
Phone:202 649-3066
TDD Phone:800 877-8339

Christopher T. Curtis
Senior Deputy General Counsel
Federal Housing Finance Agency
400 Seventh Street SW,
Washington, DC 20219
Phone:202 649-3051
TDD Phone:800 877-8339

Mary Pat Fox
Manager for Compensation, Division of Enterprise Regulation
Federal Housing Finance Agency
400 Seventh Street SW,
Washington, DC 20219
Phone:202 649-3215
TDD Phone:800 877-8339