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December 16, 2015

The FDIC reminded banks and other supervised institutions of its new rule on filing requirements and processing procedures in connection with changes in control. The new rule goes into effect on January 1, 2016. The rule consolidates and conforms the regulations of state nonmember banks, state savings associations and certain parent companies, and is intended to make existing FDIC practices more transparent. The rule adopts definitions for previously undefined terms, such as "Acting in Concert," "Convertible Securities" and "Voting Securities." Under the rule, the acquisition of convertible