Yesterday, the FDIC Board voted 3 to 2 (Vice Chairman Travis Hill and Director Jonathan McKernan dissenting) to adopt a notice of proposed rulemaking to amend the FDIC’s regulations under the Change in Bank Control Act. The proposed rule would remove the exemption from FDIC review of the acquisition of voting securities of a depository institution holding company for which the Federal Reserve reviews a notice pursuant to the Change in Bank Control Act. Although both this existing regulation and the proposed rule refer to an “exemption,” there is considerable question whether the FDIC has statutory authority to exercise a second level of approval authority, with the Federal Reserve, over investments in bank holding companies that have state nonmember bank subsidiaries. The implications of this proposed rule could be substantial. In addition, FDIC Board members expressed interest in communicating with large fund complexes regarding their compliance under the Change in Bank Control Act, although a proposed FDIC Board resolution regarding such communications was withdrawn at the meeting.