The FDIC today approved revised guidelines for appeals of material supervisory determinations following the conclusion of comment period during which the American Bankers Association and other financial trade associations submitted a joint letter offering suggestions about how the agency can promote fairness and transparency in the appeals process. Notably, the FDIC announced that it will allow institutions to request a stay of supervisory determinations while an appeal is pending and require that materials considered by the Supervision Appeals Review Committee be shared with both parties on a timely basis, two priorities for which the trade groups advocated.
According to the FDIC, the revised guidelines also “expand and clarify” the role of the agency’s ombudsman, adding the ombudsman to the SARC as a nonvoting member.
In January 2021, the FDIC replaced the SARC as the final level of review in the appellate process with a standalone office within the FDIC called the Office of Supervisory Appeals. Earlier this year, the FDIC restored the SARC as the final level of review of material supervisory determinations.
