Pressured by a brokerage firm, the board of governors of the Financial Information Regulatory Authority (FINRA) will meet Wednesday (Feb. 10) to determine whether Securities and Exchange Commission Chairman Mary Schapiro and other former FINRA executives were overcompensated in 2008.

That was the year FINRA, the self-regulatory organization for the brokerage industry, posted an operating loss of $696 million. Thirteen current and former executives of FINRA – including former chief executive Shapiro – made more than $1 million each in total compensation.

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