March 11, 1996
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC or Corporation), with the concurrence of the Office of Government Ethics (OGE), is adopting an interim final rule implementing certain provisions of section 19 of the Resolution Trust Corporation Completion Act (the Completion Act) and soliciting comments. Section 19 of the Completion Act amended section 12 of the Federal Deposit Insurance Act (FDI Act) and requires the Board of Directors to prescribe regulations to ensure that contractors meet minimum standards of competence, experience, integrity and fitness, and requires that these regulations establish prohibitions on the Corporation’s ability to contract with or have certain entities provide services to the FDIC. Section 19 of the Completion Act also requires that the Board of Directors prescribe regulations governing conflicts of interest, ethical responsibilities, and the use of confidential information for those independent contractors who are not deemed under the FDI Act, as amended, to be employees of the Corporation for purposes of Title 18 of the United States Code. Pursuant to the authority granted to it under the Completion Act, the Board of Directors is making the regulations required under section 19 of the Completion Act applicable to any FDIC contracts for services and has combined the required regulations in the interim final rule.
The Board determined that combining the prescribed regulations into one rule would provide the most consistent treatment of contractors and reduce confusion in the application of the regulations.
https://www.govinfo.gov/content/pkg/FR-1996-03-11/pdf/96-5254.pdf