Agencies Propose to Update and Modernize the Uniform Rules of Practice and Procedure for Formal Administrative Enforcement Proceedings

F.P. Report

WASHINGTON: The Federal Deposit Insurance Corporation (FDIC) invites comment on an interagency proposal to update the rules governing formal administrative proceedings for insured depository institutions. The proposed updates would modernize these rules, aligning them with current practices and facilitating the use of electronic communications and technology in formal administrative proceedings. The proposal was jointly developed with the Federal Reserve Board, the Office of the Comptroller of the Currency, and the National Credit Union Administration.

In addition, the FDIC invites comment on proposed updates to its local rules, as well as adding new rules applicable only to FDIC administrative proceedings. These proposed local rules will increase transparency in administrative actions by fostering communication and cooperation between parties, formally adopting procedures currently followed in administrative proceedings, and provide for the possibility of limited depositions during discovery.