The federal bank and thrift regulatory agencies today issued
final rules to implement a special post-employment restriction on certain
senior examiners employed
by an agency or Federal Reserve Bank, as required by the Intelligence
Reform and Terrorism Prevention Act of 2004.
Under the final rules, if an examiner serves as the senior
examiner for a depository institution or depository institution holding company
for two or more months during the examiners final twelve months of employment
with an agency or Federal Reserve Bank, the examiner may not knowingly accept
compensation as an employee, officer, director, or consultant from that
institution or holding company, or from certain related entities. The restriction applies for one year after
leaving the employment of the agency or Reserve Bank. If an examiner violates the one-year restriction, the act
requires the appropriate federal banking agency to seek an order of removal and
industry-wide prohibition for up to five years or a civil money penalty of up
to $250,000.
The agencies final rules are substantively similar and vary
slightly to reflect differences in the supervisory programs and jurisdictions
of the agencies.
The final rules are effective on December 17, 2005.
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Media contacts:
FDIC
David Barr (202)
898-6992
Federal Reserve Andrew
Williams (202) 452-2955
OCC
Dean DeBuck (202)
874-5770
OTS
Erin Hickman (202)
906-6677