Institutions of $10 billion or more in total assets might be subject to the proposed Corporate Governance Standards by FDIC

On October, 3, 2023, the Federal Deposit Insurance Corporation (FDIC) proposed establishing standards for corporate governance and risk management for institutions with total consolidated assets of $10 billion or more. It will specifically apply to state-chartered nonmember insured banks, state-licensed insured branches of foreign banks, and state savings associations. Among other things, the standards cover the general obligations of the board of directors and for individual directors, identify what is important for the board and management and require establishing and implementing a risk management program.