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Financial Institution Letter |
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Update: FIL-116-2020 has been corrected.
Information Regarding the FDIC’s Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)
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Summary
On October 20, 2020, the FDIC Board of Directors voted to issue an Interim Final Rule (IFR) to temporarily ease cost and regulatory burdens on IDIs experiencing asset growth as a result of their participation in pandemic-related government stimulus programs or related effects. The IFR reserves to the FDIC the authority to require an IDI to comply with one or more Part 363 requirements if the FDIC determines that asset growth was related to merger or acquisition transactions. This FIL provides information on a process recently approved by the FDIC Board for staff to follow in exercising the reservation of authority.
Statement of Applicability to Institutions Under $1 Billion in Total Assets
This IFR is applicable to all FDIC-insured institutions with $500 million or more in consolidated total assets.
Distribution
FDIC-supervised institutions
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