On March 3, the FDIC Board of Directors approved the withdrawal of three proposed rules. Specifically, the Board allowed the withdrawals of: (i) an August 23, 2024, notice of proposed rulemaking that would have revised regulations relating to brokered deposits; (ii) an October 11, 2023, corporate governance proposed rule that would have created new requirements for FDIC-supervised institutions with $10 billion or more in total consolidated assets; and (iii) an August 19, 2024, Change in Bank Control Act proposed rule concerning an exemption from notice requirements for voting securities acquisitions.
On the same day, the FDIC announced that it is withdrawing authority for staff to publish a pending proposed rule on incentive-based compensation arrangements (it was never published in the Federal Register). The incentive compensation proposal, which was part of an interagency effort required under the Dodd-Frank Act, would have created new compensation limits for executives at certain financial institutions with at least $1 billion in assets.
The FDIC indicated if it pursues regulatory action on these matters in the future, it will do so by publishing new proposals consistent with the APA.
