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On Monday, February 7, 2011, the Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision, Treasury (OTS), National Credit Union Administration (NCUA), U.S. Securities and Exchange Commission (SEC), and Federal Housing Finance Agency (FHFA) (collectively, the "Agencies") jointly issued proposed rules pursuant to Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act
On February 7th, the FDIC voted to propose jointly with other Federal financial regulatory agencies a proposal that would implement the Dodd-Frank Act's prohibition against incentive-based compensation arrangements that encourage inappropriate risk taking by "covered financial institutions" and are deemed to be excessive, or that may lead to material losses
