FDIC adds 2 months for comments on proposed corporate governance, risk management guidelines

Public comments on proposed guidelines on corporate governance and risk management for insured depository institutions with total consolidated assets of $10 billion or more are now due Feb. 9 under an extension published in the Federal Register Monday.

The Federal Deposit Insurance Corp. (FDIC) said the proposed guidelines and rulemaking, issued Oct. 3 by notation vote of the agency board, would apply to all insured state nonmember banks, state-licensed insured branches of foreign banks, and insured state savings associations that are subject to Section 39 (safety and soundness authority) of the Federal Deposit Insurance Act (FDI Act), with total consolidated assets of $10 billion or more on or after the effective date of the final guidelines.

The agency proposes to publish these guidelines as Appendix C to its standards for safety and soundness regulations in part 364, pursuant to the FDI Act’s section 39, and would be enforceable under Section 39. It said it also proposes to make corresponding amendments to parts 308 and 364 of its regulations to implement the proposed guidelines.

Reg lookup: Guidelines Establishing Standards for Corporate Governance and Risk Management for Covered Institutions With Total Consolidated Assets of $10 Billion or More