Thresholds Increase for the Major Assets Prohibition of the Depository Institution Management Interlocks Act Rules

Title: Thresholds Increase for the Major Assets Prohibition of the Depository Institution Management Interlocks Act Rules
Subject: Interlocks
Agency: FDIC, Federal Reserve, OCC
Status: Final rule
Summary:

The OCC, the Board, and the FDIC (collectively, the agencies) are issuing a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA). The DIMIA major assets prohibition prohibits a management official of a depository organization with total assets exceeding $2.5 billion (or any affiliate of such an organization) from serving at the same time as a management official of an unaffiliated depository organization with total assets exceeding $1.5 billion (or any affiliate of such an organization). DIMIA provides that the agencies may adjust, by regulation, the major assets prohibition thresholds in order to allow for inflation or market changes. The final rule increases both major assets prohibition thresholds to $10 billion to account for changes in the United States banking market since the current thresholds were established in 1996.

FR Doc: 2019-21840
Date proposed: January 31, 2019
Comments due date: April 1, 2019
Final rule effective date: Oct. 10, 2019
Rule compliance date:
Agency release:

Related Reg Report item(s):

Agencies to propose asset threshold increase to $10 billion on management interlocks prohibition

Be the first to comment

Leave a Reply

Your email address will not be published.