Pursuant to the Dodd-Frank Act, the FDIC Board of Directors has approved the establishment of a new Office of Complex Financial Institutions (“CFI”) and a new Division of Depositor and Consumer Protection (“DCP”). The CFI and the DCP are meant to assist the FDIC in meeting its obligations under the Dodd-Frank Act. The CFI will conduct continuous reviews and oversight of bank holding companies with more than $100 billion in assets, examine non-bank financial companies considered as systemically important by the Financial Stability Oversight Council created by the Dodd-Frank Act, and implement orderly liquidations of failing bank holding companies and non-bank financial companies.
The FDIC has also announced an open door policy to allow the public to provide input and track changes under the Dodd-Frank Act, which goes beyond the requirements of the Administrative Procedure Act. Under this policy, interested parties can request a meeting with FDIC officials or staffers, and the FDIC intends to provide increased disclosure concerning meetings between senior FDIC officials and private sector individuals, and disclose the names and affiliations of the private sector individuals and the subject matter of meetings. This voluntary public disclosure policy will apply to “meetings discussing how the FDIC should interpret or implement provisions of the Dodd-Frank Act that are subject to independent or joint rulemaking by the FDIC.” The FDIC also intends to hold round table discussions with external parties on issues concerning implementing rules adopted under the Act.