Acting Comptroller Issues Statement on the FDIC’s Proposals Related to Change in Bank Control Act — 2024-04-25

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Federal Deposit Insurance Corporation’s (FDIC) board meeting concerning the FDIC memorandum and resolution for proposals related to Change in Bank Control Act: I want to thank Directors Chopra and McKernan for these proposals. They shine much needed light on the evolving nature of bank ownership, control, and corporate governance. As noted by my colleagues, the rise of index investing has changed the composition of bank ownership. This raises a host of important questions for bank regulators given the potential implications for safety and soundness, consumer protection, and resolvability. These questions are relevant to all three of the federal banking agencies, not just the FDIC.