FDIC guidelines on private equity expected

* Guidelines expected Thursday

* Rules could surround transparency, cross-guarantees

NEW YORK/WASHINGTON, June 30 (Reuters) - The Federal Deposit Insurance Corp is expected on Thursday to propose new guidelines for private-equity investors seeking to buy failed banks, a move that could see strict new rules imposed.

The agency will hold a board meeting to discuss its policy on investments in failed banks, according to a meeting agenda posted on Friday.

FDIC Chairman Sheila Bair has said she is comfortable with the private-equity deals the agency has struck so far for failed banks such as IndyMac and BankUnited, but said there needs to be a more structured process.

Several private-equity sources say they expect potential guidelines around transparency and cross-guarantees -- meaning that if one firm owns two banks, the healthier institution could provide support to the weaker.

The Wall Street Journal reported on Tuesday that the guidelines are expected to deter private-equity investors from buying and flipping failed banks and could include a mandatory investment period.

The proposal is also expected to require private-equity investors to hold higher capital reserves than traditional banks would be required to hold, it said.

And there could be another requirement that the private-equity investors remain a behind-the-scenes source of capital, beyond their initial investment, it said.

The changes come as private equity firms have been increasingly active in the banking sector.

Firms including WL Ross & Co, Carlyle Group [CYL.UL], Blackstone Group (BX.N) and Centerbridge Partners recently agreed to put up $900 million of capital to rescue BankUnited FSB, a troubled Florida lender. (Reporting by Megan Davies, Karey Wutkowski and Paritosh Bansal; Editing by Gary Hill)