Interagency Final Rule Raises Thresholds in the Major Assets Prohibition of the Depository Institution Management Interlocks Rules
Summary:
The FDIC and the other federal bank regulatory agencies have jointly updated their rules restricting the ability of a director or other management official to serve at more than one unaffiliated depository organization. The final rule raises the thresholds for the “major assets prohibition” of the Depository Institution Management Interlocks Act (DIMIA). The updates provide relief for community banks and are unchanged from the proposal announced in December 2018.
Statement of Applicability to Institutions with Total Assets Under $1 Billion:
This Financial Institution Letter applies to FDIC-supervised financial institutions with total assets under $1 billion.
Suggested Distribution:
FDIC-Supervised Institutions
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