; and (2) only be used as permitted by this section. (b) Deferment of compensation Each covered bank holding company and each subsidiary of a covered bank holding company shall— (1) each year, defer the compensation of each senior employee of the bank holding company or subsidiary in an amount equal to at least 50 percent of the amount that the employee’s total compensation for the year exceeds 10 times the compensation of the median paid employee of the consolidated bank holding company for the year; (2) place all compensation deferred under paragraph (1) into the deferment fund of the bank holding company or subsidiary