FDIC approves rule allowing it to 'claw back' executive pay at failed firms

A related aspect of Dodd-Frank, which requires large financial firms to submit "living wills" to the FDIC laying out how they could be wound down, was not ready for a final vote at Wednesday's meeting. FDIC officials said that proposal was still a few weeks away from being finalized.

Under Dodd-Frank, banks with $50 billion or more in assets must submit such a plan every year to banking regulators. In addition, nonbank financial institutions that are deemed to be significant to the financial system — a designation that has not been fleshed out yet — also would have to submit a blueprint.