The Office of the Comptroller of the Currency, Federal Reserve Board and FDIC (collectively, the "agencies") final rule increasing the major asset prohibition thresholds for management interlock rule was published in the Federal Register. The rule goes into effect on October 10, 2019.
As previously covered, the Depository Institution Management Interlocks Act major assets prohibition generally bars a management official of a depository organization with $2.5 billion in total assets from serving simultaneously as the management official of an unaffiliated depository organization with more than $1.5 billion in total assets. Under the final rule, both total asset thresholds will be raised to $10 billion.
CorrectionOct. 10, 2019
An earlier version of this article misstated the effective date of the final rule as October 9, 2019. The correct effective date is October 10, 2019.
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