The Federal Deposit Insurance Corporation issued a Financial Institution Letter withdrawing three proposed rules covering brokered deposits, corporate governance and risk management standards, and Change in Bank Control Act (CBCA) filing procedures, and rescinding prior Board authorization to publish a proposed rule on incentive-based compensation arrangements. The FDIC stated it no longer intends to issue final rules for these proposals, and the withdrawal applies to all FDIC-insured financial institutions. The brokered deposits proposal would have significantly revised the FDIC’s brokered deposit restrictions in 12 CFR parts 303 and 337. The corporate governance and risk management proposal would have set prescriptive, process-oriented expectations for management and boards at FDIC-supervised institutions with total consolidated assets of USD 10 billion or more. The CBCA proposal would have amended part 303 filing requirements and processing procedures, including removing an exemption from the notice requirement for certain acquisitions of voting securities of a depository institution holding company where the Federal Reserve reviews a CBCA notice. Separately, the withdrawn incentive-compensation authorization related to a planned interagency proposal to implement Section 956 of the Dodd-Frank Act that had not been approved by all six required agencies and had not been published in the Federal Register. If the FDIC takes up these topics again, it indicated it would do so through new proposed rules or other issuances consistent with the Administrative Procedure Act.

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