The FDIC board of directors advanced a proposed rule to allow banks more flexibility to share confidential supervisory information for appropriate business purposes, as advocated by ICBA.
Details: The FDIC said:
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Under the proposed rule, insured depository institutions would be authorized to disclose confidential information to their affiliates, attorneys, auditors, accountants, and other service providers without the need to seek approval from the FDIC.
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The proposal permits IDIs to disclose confidential information in connection with prospective mergers or the hiring of a senior executive officer.
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The rule would reorganize, simplify, and clarify the FDIC’s regulations governing the disclosure of information pursuant to FOIA and regulations governing service of process on the FDIC.
ICBA Advocacy: ICBA and other groups in January encouraged the federal banking agencies to modernize the framework governing CSI.