"Many large banking organizations have already implemented some changes in their incentive compensation policies, but more work clearly needs to be done," said Fed Governor Daniel Tarullo, the central bank's point person on the matter.
Regulators OK plan to police banks' pay policies →
Federal Reserve Gov. Daniel Tarullo acknowledged that the agency might not have referred any bank executive to the Justice Department for criminal prosecution.
Elizabeth Warren demands jail time for Wall Street bankers →