多宝游戏下载 Board Approves Proposed Rule to Amend Change in Bank Control Act Regulations
WASHINGTON 鈥 多宝游戏下载 (多宝游戏下载) Board of Directors today approved a Notice of Proposed Rulemaking to amend the agency鈥檚 regulations under the Change in Bank Control Act. The proposed rule would require the provision of advance notice to the 多宝游戏下载 for certain acquisitions of voting securities of 多宝游戏下载-supervised institutions, at a level sufficient to trigger a presumption of control under the regulations, whether such investments are made directly in the institution or indirectly through a holding company.
As the primary federal regulator for state nonmember banks and state savings associations, the 多宝游戏下载 has an interest when entities seek to directly or indirectly control 多宝游戏下载- supervised institutions. The proposed rule would enable the 多宝游戏下载 to consider the full range of options available to it under the Change in Bank Control Act. However, the 多宝游戏下载 also recognizes the importance of interagency collaboration and consistency with respect to the review of transactions under the Act and is committed to continuing to engage with the Federal Reserve Board and the Office of the Comptroller of the Currency to develop an interagency approach to the issues discussed in this proposal.
Generally, under the Change in Bank Control Act, no person may acquire control of an insured depository institution without providing at least 60 days prior written notice to the appropriate federal banking agency. The 多宝游戏下载鈥檚 current regulations exempt transactions from this notice requirement in cases where the Federal Reserve Board reviews a Change in Bank Control notice and, in practice, the 多宝游戏下载 has also forgone the notice requirement when the Federal Reserve has accepted 鈥減assivity commitments鈥 from an investor. The proposed rule would remove the exemption, override the practice, and request further public comment regarding the 多宝游戏下载鈥檚 overall approach to changes in control affecting 多宝游戏下载-supervised institutions.
Public comments on the proposal are due [60 days after publication in the Federal Register].