Final Rule Amending Management Interlocks
Regulations (Part 348 of the FDIC's Rules and Regulations)
July 16, 1996, the FDIC Board of Directors approved
revisions to its management interlocks regulations, 12 C.F.R.
Part 348. With certain exceptions, these rules prohibit
bank management officials from simultaneously serving in
a similar capacity with other financial institutions.
The revisions implement recent statutory changes to the
Depository Institutions Management Interlock Act that were
mandated by the Riegle Community Development and Regulatory
Improvement Act of 1994 (RCDRIA), including new restrictions
on the authority of federal regulators to permit certain
interlocks. Other aspects of the revisions streamline and
clarify the rules, in compliance with RCDRIA.
The final rule, published in the attached Federal Register
notice, takes effect on October 1, 1996. Identical revisions
are being implemented by the Federal Reserve Board, the
Office of the Comptroller of the Currency and the Office
of Thrift Supervision as part of a joint interagency effort.
Questions about the FDIC's rule should be directed to
Mark Mellon, Counsel in the Legal Division, at 202-898-3854,
or Curtis Vaughn, Examination Specialist in the Division
of Supervision, at 202-898-6759.