FRB Broadens Post-Employment Restrictions On Examiners

The Board of Governors of the Federal Reserve System ("FRB") voted to broaden the scope of post-employment restrictions applicable to Federal Reserve Bank senior examiners and officers. The FRB explained that its Supervisory Letter applies to the following "covered individuals:" (i) examiners who have served as a "senior examiner" for a depository institution or depository institution holding company for two or more months during the examiner's final twelve months of employment with a Reserve Bank; and (ii) any examiner or Reserve Bank supervision staff who accepts employment with a depository institution or depository institution holding company that he or she examined in the twelve months prior to his or her departure from the Reserve Bank.