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FDIC board approves rescission of 2009 nonbank‑investment policy and final rule on deposit insurance for Freely Associated States branches
Summary
In a voice vote the FDIC board approved rescinding its 2009 statement on nonbank investments in failed banks and approved a final rule clarifying deposit insurance coverage for U.S. bank branches operating in the Freely Associated States (Federated States of Micronesia, Marshall Islands and Palau).
The FDIC board approved the summary agenda, which included two items: (1) rescission of the FDIC's 2009 statement regarding nonbank participation in failed‑bank processes and (2) a final rule clarifying availability of deposit insurance for branches of U.S. banks in the Freely Associated States.
Meeting materials described the rescission as removing regulatory barriers to nonbank participation in failed‑bank processes with the objective of lowering costs to the deposit insurance fund. The board also approved a final rule intended to clarify deposit insurance availability for U.S. bank branches in the Federated States of Micronesia, the Marshall Islands and Palau.
Both summary agenda items were adopted by voice vote as part of approval of the summary agenda. The board then proceeded to open agenda business and subsequently adjourned the open meeting to a closed session.
