03:02 PM EDT, 03/21/2024 (MT Newswires) -- The Federal Deposit Insurance Corp. is seeking public comments on a proposed revision of its rules that would require additional scrutiny of mergers that result in an institution with $100 billion or more in assets, according to a statement Thursday.

The agency is also proposing to hold hearings for mergers that result in an institution exceeding $50 billion in assets, or for which a significant number of protests are received under the community reinvestment act.

The agency is updating its merger guidance for the first time in years and said it was doing so to maintain the stability of the banking sector.

"The bank failures of 2023 underscore the risks that banks with assets over $100 billion can have for financial stability," FDIC Chairman Martin Gruenberg said in a statement.

The agency has opened its proposal for public comment for 60 days from the date of publication.

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