ARTICLE
22 October 2019

Federal Register: Agencies Raise Asset Thresholds For Management Interlock Rules

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Cadwalader, Wickersham & Taft LLP

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The Office of the Comptroller of the Currency, Federal Reserve Board and FDIC (collectively, the "agencies") final rule increasing the major asset prohibition thresholds for management
United States Wealth Management

The Office of the Comptroller of the Currency, Federal Reserve Board and FDIC (collectively, the "agencies") final rule increasing the major asset prohibition thresholds for management interlock rule was published in the Federal Register. The rule goes into effect on October 10, 2019.

As previously covered, the Depository Institution Management Interlocks Act major assets prohibition generally bars a management official of a depository organization with $2.5 billion in total assets from serving simultaneously as the management official of an unaffiliated depository organization with more than $1.5 billion in total assets. Under the final rule, both total asset thresholds will be raised to $10 billion.

CorrectionOct. 10, 2019

An earlier version of this article misstated the effective date of the final rule as October 9, 2019. The correct effective date is October 10, 2019.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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