Circular
Management Official Interlocks
Joint Notice of Proposed Rulemaking
August 17, 1998
Circular No. 11082

To All State Member Banks and Bank Holding Companies in the Second Federal Reserve District:

The following is from a statement by the Board of Governors of the Federal Reserve System:

The Federal Reserve Board along with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision are requesting public comment on a proposal to revise their rules regarding management interlocks.

Comment is requested by October 13, 1998.

The proposal conforms the interlocks rules to recent statutory changes, modernizes and clarifies the rules, and reduces unnecessary regulatory burdens where feasible, consistent with statutory requirements.

The joint notice of proposed rulemaking, as published in the Federal Register of August 11 is available as a file (pdf - 57kb). Comments should be sent to the Board, as specified in the notice, by October 13, 1998.