The Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (together “federal banking agencies”) are issuing the attached revised interagency statement, concerning Regulation O and Part 363 of the FDIC’s Regulations, to extend the expiration of certain no-action relief previously provided in an interagency statement accompanying FIL 85-2019, dated December 27, 2019, and to clarify eligibility criteria for such relief.
Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution Letter applies to all FDIC-supervised institutions.
- On December 27, 2019, the federal banking agencies issued temporary no-action relief to provide time for the FRB, in consultation with the other federal banking agencies, to consider whether to amend Regulation O to address concerns about unintended consequences of the application of Regulation O to companies that sponsor, manage, or advise investment funds and institutional accounts that invest in voting securities of banking organizations.
- The revised interagency statement extends the expiration of the no-action relief until January 1, 2022, and clarifies the eligibility criteria for such relief.
- This FIL supersedes and rescinds FIL 85-2019, dated December 27, 2019.
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