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Thresholds Increase for the Major Assets Prohibition of the Depository Institution Management Interlocks Act Rules

Fed · final-rule · Published 2019-10-10 · Effective 2019-10-10 · 84 FR 54465

Document

Document number
2019-21840
Federal Register citation
84 FR 54465
CFR reference
12 CFR 26
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Reserve System
Publication date
2019-10-10
Effective date
2019-10-10
Docket
Docket ID OCC-2018-0011

Abstract

The OCC, the Board, and the FDIC (collectively, the agencies) are issuing a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA). The DIMIA major assets prohibition prohibits a management official of a depository organization with total assets exceeding $2.5 billion (or any affiliate of such an organization) from serving 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). DIMIA provides that the agencies may adjust, by regulation, the major assets prohibition thresholds in order to allow for inflation or market changes. The final rule increases both major assets prohibition thresholds to $10 billion to account for changes in the United States banking market since the current thresholds were established in 1996.

Source

Authoritative
Federal Register document
Machine
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