The Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corp. finalized updates to the rule that will raise the Depository Institution Management Interlocks Act, or DIMIA, major asset prohibition thresholds to $10 billion.
DIMIA prohibits a management official of an unaffiliated depository organization from serving at another similar organization at the same time if doing so will have anti-competitive effects. Previously, the management interlock rules banned officials at banks with more than $2.5 billion in assets from serving as a management official at any other bank with more than $1.5 billion in assets, regardless of location.
The updates provide relief for community banks that have $10 billion or less in total assets.
