Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
INACTIVE
This page is no longer active. Its content has expired or been rescinded by the FDIC.
Financial Institution Letter

Management Interlocks

Interagency Proposed Rule on Thresholds Increase for Major Assets Prohibition of the Depository Institution Management Interlocks Act Rules
December 20, 2018
Notes
 

Summary:

The FDIC and the other federal financial institution regulatory agencies have jointly issued a proposed rulemaking to raise the thresholds for the Major Assets Prohibition of the Depository Institution Management Interlocks Act (DIMIA) implementing rules.

Statement of Applicability to Institutions with Total Assets Under $1 Billion: This Financial Institution Letter applies to FDIC-supervised financial institutions with total assets over $1 billion.

Highlights:

  • The FDIC, the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve System are issuing a Notice of Proposed Rulemaking (NPR) with a request for comment on a proposal to adjust the major assets prohibition thresholds of the DIMIA rule to fulfill a commitment made in the 2017 Economic Growth and Regulatory Paperwork Reduction Act Report to Congress.
  • Under the existing major assets prohibition, a management official of a depository organization with total assets exceeding $2.5 billion (or any affiliate of such an organization) may not serve 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), regardless of the location of the two depository organizations.
  • The NPR proposes to increase both thresholds in the major assets prohibition rule to a single $10 billion threshold based on general market changes since 1996 when the major assets threshold in DIMIA was amended.
  • The NPR also solicits comments on three alternative approaches to raise the major assets prohibition thresholds. Two are based on market changes, and one is based on inflation adjustments.
  • Comments on the proposed rule and alternative approaches to raise the thresholds are due 60 days after publication in the Federal Register .

Suggested Distribution:

  • FDIC-Supervised Institutions

Suggested Routing:

  • Chief Executive Officer
  • Compliance Officer

Paper copies may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).

Additional Related Topics:

  • FDIC Rules and Regulations, 12 CFR Part 348 (Management Official Interlocks)
FIL-88-2018
Attachment(s)

Last Updated: December 20, 2018