The American Bankers Association and Bank Policy Institute this week asked the FDIC to push back by more than a month the public comment deadline for its proposed bank information disclosure rule, which would align it with the deadline for a similar rule proposed by the Office of the Comptroller of the Currency.
The proposed FDIC rule would allow banks to share confidential information with certain parties without first obtaining FDIC authorization, as long as the information is being shared for a business purpose and both parties have entered into a confidentiality agreement. It also would revise the agency’s Freedom of Information Act process.
The FDIC set an Aug. 31 deadline for comments on its proposal. A similar proposal by the OCC has an Oct. 5 deadline.
ABA and BPI urged the FDIC to push back its deadline to Oct. 5. Because the OCC issued a proposal addressing many of the same issues, the banking industry would benefit from additional time to evaluate the two proposals together, they said.
“Allowing stakeholders to compare the FDIC and OCC approaches side by side would facilitate more comprehensive feedback regarding areas of alignment, divergence, and opportunities for harmonization,” the associations said. “A common comment deadline would help ensure that commenters can provide more informed recommendations regarding how the agencies can achieve their shared objectives while maintaining a consistent and workable regulatory framework.”
