As part of the Financial Services Regulatory Relief Act of 2006, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision (the Banking Agencies) have amended the small depository institution exemption in the Depository Institutions Management Interlocks Act (the DIMIA).

Previously, under the DIMIA, a management official of one depository institution could not serve as a management official of another non-affiliated depository institution or depository institution holding company if the institutions or an affiliate of such institutions had offices in the same metropolitan statistical area unless both institutions had less than $20 million in assets. Under the Banking Agencies’ amendment, this asset limitation has been increased to $50 million.

The new rule became effective on January 11.