Today, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Federal Housing Finance Agency adopted a notice of proposed rulemaking to address incentive-based compensation arrangements generally consistent with the rule released by the six federal financial agencies in April 2016. The proposed rule seeks to implement the Dodd-Frank requirement that federal financial regulators prohibit, at any financial institution with consolidated assets of at least $1 billion, incentive-based compensation that encourages inappropriate risks. The National Credit Union Administration is expected to propose the same rule in the near future. The Securities and Exchange Commission has included a rulemaking to implement Section 956 of Dodd-Frank on its rulemaking agenda. The Board of Governors of the Federal Reserve System has not joined the FDIC’s, OCC’s and FHFA’s proposal.