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Monday, November 21, 2016

Fed Extends Post-Employment Restrictions for Senior Examiners

The Federal Reserve has announced that a wider pool of senior bank examiners at the Federal Reserve Banks will be subject to employment restrictions after they leave the Fed.

The policy now imposes a one-year prohibition on central points of contact, deputy CPCs, senior supervisory officers, deputy SSOs, enterprise risk leaders and supervisory team leaders accepting a job at a financial institution they had primary responsibility for examining for at least two months in the year before they left the Fed. The policy, which takes effect Jan. 2, 2017, does not apply to senior examiners responsible for multiple unaffiliated banks.

The Fed also announced a new policy preventing former Federal Reserve Bank officers from representing financial institutions and third parties before, or discussing official business with, current Fed employees for one year after they leave the Fed. This policy takes effect on Dec. 5.

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