Comments due on FDIC proposal to amend Section 19 rules
The FDIC has published [84 FR 68353] a proposal to revise the existing regulations requiring persons convicted of certain criminal offenses to obtain prior written consent before participating in the conduct of the affairs of any depository institution to incorporate the FDIC's existing Statement of Policy, and to amend the regulations setting forth the FDIC's procedures and standards applicable to an application to obtain the FDIC's prior written consent.
The proposed incorporation of the Statement of Policy into the FDIC's regulations would provide for greater transparency as to its application, provide greater certainty as to the FDIC's application process and help both insured depository institutions and affected individuals to understand its impact and to potentially seek relief from its provisions. Comments on the proposal will be accepted for 60 days, through February 14, 2020.
Update: The FDIC has published a notice of extension of the comment period for this proposal to March 16, 2020.