On October 3, 2023, the FDIC Board authorized the publication of a Notice of Proposed Rulemaking (NPR) to add a new Appendix C to the FDIC’s safety and soundness regulation, 12 CFR 364, to incorporate guidelines on corporate governance and risk management for FDIC-supervised insured depository institutions (IDIs) with consolidated assets of $10 Billion or more. This NPR is being issued under the safety and soundness authority provided by Section 39 of the Federal Deposit Insurance Act.
Martin J. Gruenberg, Chairman of the FDIC stated that the proposed new guidelines on corporate governance and risk management are in response to the 2023 bank failures. He noted that “the experience of the three large IDI failures this spring should focus our attention on the need for meaningful action to improve the corporate governance and risk management processes of large IDIs under the Federal Deposit Insurance Act. The governance and risk management standards put forward in this NPR would be a significant step in that direction”
Read here for more details: https://www.fdic.gov/news/board-matters/2023/board-meeting-100323-notational.html
