This below article was originally posted on Vedder Thinking on June 4, 2019. On Saturday, June 1, 2019, The Illinois General Assembly passed a bill (the “Diversity Disclosure Bill”) requiring most publicly held companies organized or headquartered in Illinois to include detailed demographic diversity information in their annual reports. Bill intended to provide data to support future policy changes to address underrepresentation of women and minorities on public company boards. Continue reading: https://www.vedderprice.com/illinois-general-assembly-passes-bill-to-require-annual-reporting-of-board-diversity-information…

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On November 1, 2018, the Federal Deposit Insurance Corporation (the “FDIC”) issued modifications to its Statement of Policy (“SOP”) for applications made under Section 19 of the Federal Deposit Insurance Act (“FDIA”).  The modifications are expected to reduce the number of Section 19 applications FDIC-supervised institutions must submit prior to submitting offers of employment. Background On January 8, 2018, the FDIC published in the Federal Register notice of proposed modifications and sought public comment.  On…

On October 31, 2018, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency (the “OCC”) and the Federal Deposit Insurance Corporation (the “FDIC”) issued a pair of proposals that would more closely match the regulations for large banking organizations, or banks with more than $100 billion in total consolidated assets, with their risk profiles.…

On October 16, 2018, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (the “Agencies”) issued the Frequently Asked Questions on appraisal and evaluation functions (“FAQs”). …

On July 11, 2018, the Office of the Comptroller of the Currency (“OCC”), the Federal Deposit Insurance Corporation (“FDIC”) and the Board of Governors of the Federal Reserve System (“FRB”) (the OCC, FRB and FDIC are collectively, the “Federal Banking Agencies”) issued revisions to the Interagency Biographical and Financial Report (the “Report”). In general, individual directors, officers, or an individual or group of shareholders acting in concert that will own or control 10 percent (10%)…

On May 22, 2018, the House of Representatives passed the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) (the “Consumer Protection Act”), which had been previously passed by the Senate. The Consumer Protection Act will now be sent to President Trump who is expected to sign it into law in the coming weeks. The Consumer Protection Act becomes the first legislatively enacted regulatory relief bill since the recession, and rolls back various…