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Notice of Proposed Rulemaking to Revise FDIC Regulations Concerning Section 19 of the Federal Deposit Insurance Act
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10/24/2023
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Description:The Federal Deposit Insurance Corporation (FDIC) issued a proposal that would revise 12 C.F.R. part 303, subpart L, and part 308, subpart M, thereby updating the FDIC’s regulations concerning section 19 of the Federal Deposit Insurance Act to conform with the Fair Hiring in Banking Act (Act).
On December 23, 2022, the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 (NDAA), which contained the Act, was signed into law and became immediately effective. The Act made significant changes to Section 19 of the Federal Deposit Insurance Act (12 U.S.C. § 1829) (Section 19), including to its scope of application by adding a number of exclusions.
Section 19 prohibits a person from participating in the affairs of an FDIC-insured institution if he or she has been convicted of an offense involving dishonesty, breach of trust, or money laundering, or has entered into a pretrial diversion or similar program in connection with a prosecution for such an offense, without the prior written consent of the FDIC, among other provisions.
Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-insured financial institutions.
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Release Date:10/24/2023
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Update Date:10/24/2023
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Withdrawn Date:10/09/2024
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Agencies Involved:Federal Deposit Insurance Corporation (FDIC)
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Law Involved:Fair Hiring in Banking Act;Federal Deposit Insurance Act (FDI Act);James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 (NDAA);
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Related Regulation:12 CFR Part 303;12 CFR Part 308;
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Source:FDIC Website
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FIL Number:FIL-57-2023
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[PDF-941.17 KB]
