FDIC Board of Directors Withdraws Four Outstanding Proposed Rules
WASHINGTON – The Federal Deposit Insurance Corporation’s (FDIC) Board of Directors today approved the withdrawal of three outstanding proposed rules relating to brokered deposits, corporate governance, and the Change in Bank Control Act (CBCA). The FDIC is also withdrawing authority for staff to publish in the Federal Register a proposed rule related to incentive-based compensation arrangements.
- The brokered deposits proposal was published in the Federal Register on August 23, 2024 and would have significantly disrupted many aspects of the deposit landscape.
- The corporate governance proposal was published in the Federal Register on October 11, 2023 and would have created a number of overly prescriptive and process-oriented expectations for management and boards of directors of FDIC-supervised institutions with $10 billion or more in total consolidated assets.
- The proposal related to the CBCA was published in the Federal Register on August 19, 2024 and would have removed an exemption from the requirement to submit a notice to the FDIC for an acquisition of voting securities of a depository institution holding company for which the Federal Reserve reviews a CBCA notice.
- The proposal related to incentive-based compensation arrangements was approved by the FDIC Board on May 3, 2024, but was never published in the Federal Register.
If the FDIC pursues regulatory action on these matters in the future, it will do so by publishing new proposals or other issuances consistent with the Administrative Procedure Act.
ATTACHMENTS:
Federal Register Notice
Financial Institution Letter
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MEDIA CONTACT:
MediaRequests@fdic.gov
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