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. The proposal is a joint rule making by the FDIC, Office of the Comptroller of the Currency, Federal Reserve Board, Office of Thrift Supervision, National Credit Union Administration, SEC, and the Federal Housing Finance Agency, who must each independently approve the proposed rule before it is published in the Federal Register. FDIC Press Release.