The nation's largest financial firms received orders from the Federal Reserve to speed up the changes to pay practices that may encourage risk-taking, according to the Washington Post.

After completing an initial review of compensation policies at 28 large banks, the Federal Reserve gave confidential feedback to each company on how they must change. Final guidelines released on Monday stressed the need for policies that do not give executives, traders and other employees incentives to make dangerous investments.

In the past, some of these risky investments have garnered bonuses for individuals while leaving the bank at large in a shaky position. Many industry analysts have said that faulty pay practices contributed to the financial crises that are still affecting many American citizens.

"We found that many banks have not modified their practices from what they were before the crisis," said Federal Chairman Ben Bernanke during an address from Capitol Hill.

Many consumers find themselves in debt due to hidden fees and practices by large banks that issue credit cards. According to MSNBC, those who find themselves in credit card debt should form a budget and stop using plastic to make payments.