An article on the effective date for the Federal Reserve Board, OCC and FDIC joint final rule increasing the major asset prohibition thresholds for the management interlock rule misstated the effective date as October 9, 2019. The correct effective date is October 10, 2019.
As previously covered, the Depository Institution Management Interlocks Act major assets prohibition generally bars the 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.
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