It's going to take longer on Wall Street to pick up a full bonus check, if the National Credit Union Administration gets its way.
The regulator of credit unions proposed rules Thursday to increase the number of years it takes for incentive-based compensation to fully vest to four from the current three.
"Congress mandated action in this area because there were financial institutions which failed as a result of excessive risk-taking that was encouraged by incentive-based compensation arrangements which rewarded senior officials based on the volume of business they generated, regardless of whether the institution subsequently made or lost money on that business," the agency's vice chairman Rick Metsger said in a statement.
"Now as we all know, credit unions were not a primary cause of the financial crisis. They were primarily victims, which is why the NCUA took the lead in becoming the first financial institutions regulator to sue the Wall Street banks whose actions led to the crisis."