Regulatory Alerts2019-12-16 | 2019-26351Incorporation of Existing Statement of Policy Regarding Requests for Participation in the Affairs of an Insured Depository Institution by Convicted Individuals
The Federal Deposit Insurance Corporation proposes to incorporate its existing Statement of Policy into formal regulations to clarify the application of Section 19 of the FDI Act regarding convicted individuals seeking to participate in the affairs of insured depository institutions. This rulemaking aims to enhance transparency and certainty by codifying procedures for obtaining prior written consent and defining de minimis offense exemptions that may waive filing requirements. The proposal also seeks public comment on potential amendments to expand relief for minor offenses and address the treatment of expunged criminal records.
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