The FDIC should refrain from adopting a final rule based on its unilateral Change in Bank Control Act proposal, CSBS said in a comment letter. The proposal could make it more difficult for state nonmember banks with a parent holding company to access capital by creating unnecessary regulatory redundancies and uncertainties for active investors, passive investors, and their banking organization
The CSBS Networked Supervision Champions program recognizes state agency staff who are going above and beyond to empower the multistate network for better financial supervision and industry compliance. Congratulations Anya Tabb! State supervisors have pooled resources for multi-state examinations of mortgage companies for decades, but as of next year, they will operate with a new multi-state supervisory protocol. Beginning in
Washington, D.C. – The Nationwide Multistate Licensing System (NMLS) has a new login process that requires users to update their username and password and establish account recovery details. State regulators encourage licensees to complete this process before Nov. 1 to save time during NMLS annual renewals. “We’ve made some improvements this year to the login process based on user feedback,”
The FDIC should withdraw its proposed corporate governance and risk management guidelines. The proposal ignores and conflicts with state corporate governance laws, micromanages how a bank’s board is constituted and functions, and imposes a tangle of ill-designed organizational requirements and procedural checklists. In short, the proposal is fatally flawed, as CSBS told the FDIC in a comment letter. State regulators promote
The FDIC’s proposed corporate governance guidelines for certain state-chartered banks are so fatally flawed that they should be withdrawn, state financial regulators argue.
Download the Comment Letter [PDF] James P. Sheesley, Assistant Executive Secretary Attention: Comments/Legal OES Federal Deposit Insurance Corporation 550 17th Street NW Washington, DC 20429 RIN 3064-AF94 Re: Guidelines Establishing Standards for Corporate Governance and Risk Management for Covered Institutions with Total Consolidated Assets of $10 Billion or More Dear Sir or Madam, The Conference of State Bank Supervisors (“CSBS”)
Download the Full Comment Letter [PDF] James P. Sheesley, Assistant Executive Secretary Attention: Comments – RIN 3064-AF99 Federal Deposit Insurance Corporation 550 17th Street NW Washington, DC 20429 Re: Unsafe and Unsound Banking Practices: Brokered Deposits Restrictions Dear Sir, The Conference of State Bank Supervisors1 (“CSBS”) provides the following comments on the Federal Deposit Insurance Corporation’s (“FDIC”) notice of proposed
Washington, D.C. – Today, at a Women in Housing and Finance event, FDIC Vice Chairman Travis Hill commented on the agency’s corporate governance proposal, raising concerns and noting that the FDIC is continuing its work on the guidelines. “There is simply no rationale for the FDIC to proceed with this proposal,” said CSBS President and CEO Brandon Milhorn. “The corporate
As the administrative record makes clear, the FDIC’s corporate governance proposal is ill-conceived and must be withdrawn. The FDIC’s rule would impose a one-size-fits-all mandate on institutions that would intrude on over a century of state fiduciary laws.
Washington, D.C - CSBS President and CEO Brandon Milhorn issued the following statement in response to a House letter sent to the FDIC today: “We appreciate the continued oversight by Congress of the FDIC's flawed corporate governance guidelines and are pleased that the FDIC does not intend to finalize the rules over the next two months. Moving forward, this proposal