|
Financial Institution Letter |
|
The FDIC Approves Interim Final Rule to Provide Temporary Relief from Part 363 Audit and Reporting Requirements |
|
Summary:
On October 20, 2020, the FDIC Board of Directors voted to issue an interim final rule (IFR) to provide temporary relief from the Part 363 Audit and Reporting requirements for insured depository institutions (IDIs) that have experienced temporary growth due to participation in the Paycheck Protection Program (PPP), the Paycheck Protection Program Liquidity Facility (PPPLF), the Money Market Mutual Liquidity Fund (MMLF), or other factors, such as other stimulus activities. The IFR is effective immediately, and comments on the IFR will be accepted for 30 days after publication in the Federal Register.
Statement of Applicability:
This IFR is applicable to all FDIC-insured institutions with $500 million or more in consolidated total assets.
Suggested Distribution:
FDIC-insured Institutions With $500 Million or More in Consolidated Total Assets
|
|
The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe.
|
|
|
|