On December 15, 2020, the Federal Deposit Insurance Corporation (the “FDIC”) approved a final rule (the “Final Rule”) governing parent companies of industrial banks and industrial loan companies (collectively, “industrial banks”), largely adopting the proposed rule issued in March 2020. The Final Rule is intended to “codify existing practices utilized by the FDIC to supervise industrial banks and their parent companies,” “ensure the safe and sound operation” of industrial banks, and provide “necessary transparency” regarding the FDIC’s supervisory practices. The Final Rule requires a company that is not subject to consolidated supervision by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and that controls an industrial bank as a result of a change in bank control, merger, or de novo process (such company, a “Covered Company”), to enter into one or more written agreements with the FDIC and its industrial bank subsidiary. These written agreements must include certain commitments intended to protect the safety and soundness of the industrial bank and provide the FDIC with information similar to that which would be provided if the Covered Company were subject to consolidated supervision by the Federal Reserve.