The Federal Deposit Insurance Corp.’s (FDIC) board of directors recently withdrew three outstanding proposed rules that had been published in the Federal Register.
The first proposal was published in the Federal Register on Oct. 11, 2023. A corporate governance proposal, it would have created several process-oriented expectations for FDIC-supervised institutions’ management and boards of directors. It would have applied to companies with $10 billion or more in total consolidated assets.
The second proposal was published in the Federal Register on Aug. 19, 2024. It would have removed an exemption from a requirement that a depository institution holding company for which the Federal Reserve reviews a Change in Bank Control Act notice must submit a notice to the FDIC for the acquisition of voting securities.
The third proposal was published in the Federal Register on Aug. 23, 2024. It was related to brokered deposits and would have significantly changed aspects of depositing.
The FDIC will need to publish new proposals should it wish to revive the proposals in the future.
In addition, the board withdrew its staff’s authority to publish a proposed rule in the Federal Register related to incentive-based compensation arrangements.
A fourth proposal related to incentive-based compensation arrangements was never published in the Federal Register.