The FDIC’s Management Official
Interlocks regulation, 12 CFR 348, which implements the Depository
Institutions Management Interlocks Act (DIMIA), 12 U.S.C.
3201–3208, generally prohibits bank management officials from
serving simultaneously with two unaffiliated depository
institutions or their holding companies but allows the FDIC to
grant exemptions in appropriate circumstances. Consistent with
DIMIA, the FDIC’s Management Official Interlocks regulation has an
application requirement requiring information specified in the
FDIC’s procedural regulation. The rule also contains a notification
requirement. The agencies propose to raise the 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. The agencies also propose three alternative
approaches for increasing the thresholds based on market changes or
inflation. Increasing the major assets prohibition thresholds would
relieve certain depository organizations below the adjusted
thresholds from having to ask the agencies for an exemption from
the major assets prohibition.
US Code:
12 USC 5301 et seq. Name of Law: Dodd-Frank Wall Street Reform
And Consumer Protection Act
US Code:
12 USC 3201-3208 Name of Law: Depository Institution Management
Interlocks Act
US Code: 12 USC 5301 et seq. Name of Law:
Dodd-Frank Wall Street Reform And Consumer Protection Act
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.