The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency invited public comment on a proposal to update rules restricting the ability of a director or other management official to serve at more than one banking company. The regulators said this change would give community banks relief.

Current rules bar a director or other management official working at a depository organization with more than $2.5 billion in total assets from serving at the same time at an unaffiliated depository organization with more than $1.5 billion in total assets. Regulators are proposing raising both thresholds to $10 billion in assets following two decades of consolidation and growth in the industry.

Limits would still apply to management officials serving at companies above the $10 billion threshold, limiting the risk of anti-competitive conduct at larger institutions.

The agencies are accepting public comment on this and other proposed approaches to raising the current thresholds for 60 days after publication in the Federal Register.