Alert August 17, 2010

FDIC Announces Adoption of Open Door Policy to Allow Public to Give Input and Track Rulemaking Process under Dodd-Frank Act

The FDIC announced that it has adopted an open-door policy (the “Policy”) designed to allow the public to give input and track the process that will lead to the adoption of rules and regulations under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).  The Policy goes beyond the requirements of the Administrative Procedure Act to allow public participation even before regulations are drafted and proposed.  Under the Policy, interested parties can request a meeting with FDIC officials or staffers, and the FDIC will provide increased disclosure concerning meetings between senior FDIC officials and private sector individuals.  The FDIC will disclose the names and affiliations of the private sector individuals as well as the subject matter of the meeting.  The FDIC said that the Policy will apply to “meetings discussing how the FDIC should interpret or implement provisions [of the Dodd-Frank Act] that are subject to independent or joint rulemaking by the FDIC.”  The FDIC also stated that it will hold a series of round table discussions with external parties on issues concerning implementing rules adopted under provisions of the Dodd-Frank Act.