Statement on Introduction of S. 2852, the State Regulatory Representation Clarification Act
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The
State regulators value the partnership with the
Since 1995, the law has required that the FDIC Board include one member with "State bank supervisory experience." The state supervisory perspective is unique and positioned to understand the impact of the regulatory environment on the health of local communities and the institutions that serve them. Through requirements such as the structure of the FDIC Board, the law recognizes the importance of this perspective, and it is critical that this requirement be met.
Background Information:
The State Regulatory Representation Clarification Act (S. 2852) would amend the Federal Deposit Insurance Act to further clarify that one member of the FDIC Board must have experience as a state official responsible for supervising banks.
Section 2 of the Federal Deposit Insurance Act requires that the Board of the
* The Comptroller of the Currency;
* The Director of the
* Three other Directors (including the Chairman and Vice Chairman), one of whom "shall have State bank supervisory experience."
The legislative history states that
The text of S. 2852 is available here: http://www.csbs.org/news/press-releases/pr2014/Documents/State%20Regulatory%20Representation%20Clarification%20Act%20of%202014.pdf [Category: Banking]
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