FDIC Consolidates Change in Bank Control Requirements

The FDIC is today finalizing a rule to consolidate its notice requirements when non-Fed-member state banks and state thrifts experience a change in control in a single subpart of the agency’s regulations. The rule also aligns the FDIC’s requirements with “best practices” from the OCC and the Federal Reserve.

The final rule transfers a rebuttable presumption of control from the Change in Bank Control Act while adding a rebuttable presumption of acting in concert, consistent with Federal Reserve regulations. The new rule takes effect Jan. 1.