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Agencies seek feedback on modernization of administrative rules and enforcement

Written on May 6, 2022

The FDIC is seeking comments on an interagency proposal to update the rules governing formal administrative proceedings for insured depository institutions. The proposed updates would modernize these rules, aligning them with current practices and facilitating the use of electronic communications and technology in formal administrative proceedings. The proposal was jointly developed with the Federal Reserve Board, the Office of the Comptroller of the Currency, and the National Credit Union Administration. 

The FDIC is also seeking comments on proposed updates to its local rules, as well as adding new rules applicable only to FDIC administrative proceedings. These proposed local rules will increase transparency in administrative actions by fostering communication and cooperation between parties, formally adopting procedures currently followed in administrative proceedings, and provide for the possibility of limited depositions during discovery. 

Comments will be accepted for 60 days after publication in the Federal Register.