The OCC, FRB and FDIC requested comment on a set of rules as part of a process to identify "outdated" or "unnecessary" regulatory requirements on insured depository institutions and their holding companies.
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FDIC Vice Chair Travis Hill expressed concern that "an overreaction is underway" from regulators in response to the bank failures in March 2023.
In a report based on an internal review of its supervision over First Republic Bank, the FDIC concluded that "meaningful action to mitigate interest rate risk and address funding concentrations would have made First Republic more resilient and less vulnerable to the March 2023 contagion event."
In a report highlighting its activities during 2022, the FDIC Office of the Ombudsman highlighted "[i]nsufficient or delayed communication" with bank management during the FDIC examination process and "[l]imitations in core banking systems" as causes for stakeholder concern.
President Joseph R. Biden will nominate Travis Hill to be Vice Chair of the FDIC Board of Directors and Jonathan McKernan to be a General Board Member.