|
Financial Institution Letter |
|
The previous update to FIL-116-2020 has been retracted.
The correct FIL is as follows:
Information Regarding the FDIC’s Reservation of Authority for Determining Part 363 Compliance Requirements for Insured Depository Institutions (IDIs)
|
|
|
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 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 how the FDIC intends to exercise 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
.
|
|
|
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.
|
|
|
|
