Proposed update to FDIC’s Change in Bank Control Act fails to advance
By 
Kyle Brasseur2024-04-29T20:05:00
A notice of proposed rulemaking to modify the Federal Deposit Insurance Corporation’s (FDIC) Change in Bank Control Act (CBCA) was withdrawn after receiving mixed reviews among the agency’s board of directors.
The draft proposal, put forward Thursday by Rohit Chopra, director of the Consumer Financial Protection Bureau, would have restored the FDIC’s role in reviewing certain changes in control by removing a notification exemption in the current rule when the Federal Reserve Board reviews a notice under the CBCA. It would have been open to comment and sought feedback on other issue areas related to the rule.
But the proposal did not advance, after receiving criticism from FDIC Board Vice Chairman Travis Hill and Michael Hsu, the acting head of the Treasury Department’s Office of the Comptroller of the Currency. FDIC Chairman Martin Gruenberg supported the rule change.
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