The Office of the Comptroller of the Currency, the Federal Reserve Board and the FDIC (collectively, the "agencies") adopted a final rule to increase the major asset prohibition thresholds for management interlock rules. The final rule is unchanged since its December 2018 introduction.
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 would be raised to $10 billion.
The final rule will become effective upon the date of its publication in the Federal Register.
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