The American Bankers Association continues to press for small bank exclusion in proposed regulations to implement the establishment of outside audit committees ordered by the Federal Deposit Insurance Corporation Improvement Act.

The ABA had argued the FDIC, which is writing the regulations under the act for all bank and thrift regulatory agencies, to limit the requirement for outside audit committees to financial institutions with total insured deposits of more than $10 billion. FDICIA said the requirement does not apply to banks and thrifts with insured assets of less than $150 million. The law gave the FDIC authority to set a higher threshold, but the agency left it at $150 million (for story on ABA recommendations, see The Mortgage Marketplace, May 25, page 3).

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