; and (2) only be used as permitted by this section. (b) Deferment of compensation Each covered financial institution and each subsidiary of a covered financial institution shall— (1) each year, defer the compensation of each senior employee of the covered financial institution or subsidiary in an amount equal to at least 50 percent of the amount that the employee’s total compensation for the year exceeds 7 times the compensation of the median paid employee of the consolidated financial institution for the year; (2) place all compensation deferred under paragraph (1) into the deferment fund of the covered financial institution or subsidiary