Regulatory Alerts2022-01-21
SR 22-3: Federal Financial Institutions Examination Council Issues Statement of Principles on Examination Information Requests
The Federal Reserve issued SR 22-3 to direct supervised institutions to adopt the FFIEC's Statement of Principles on Examination Information Requests. This guidance implements outcomes from the Examination Modernization Project to reduce regulatory burden and establish common authentication mechanisms for supervision systems. The requirements apply to all Federal Reserve-supervised institutions, including those with $10 billion or less in consolidated assets.
Page 1 of 2 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 DIVISION OF SUPERVISION AND REGULATION DIVISION OF CONSUMER AND COMMUNITY AFFAIRS SR 22-3 CA 22-1 January 21, 2022 TO THE OFFICER IN CHARGE OF SUPERVISION AND APPROPRIATE SUPERVISORY AND EXAMINATION STAFF AT EACH FEDERAL RESERVE BANK AND INSTITUTIONS SUPERVISED BY THE FEDERAL RESERVE SUBJECT: Federal Financial Institutions Examination Council Issues Statement of Principles on Examination Information Requests Applicability: This letter applies to all institutions supervised by the Federal Reserve, including those with $10 billion or less in consolidated assets. On January 21, 2022, the Federal Financial Institutions Examination Council (FFIEC) issued a statement (statement) outlining the principles for examination information requests that the members of the FFIEC developed and committed to implement based on results of the final phase of the Examination Modernization Project (Project).1 The Project was initiated in response to a review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act. The statement also discusses the development of a common authentication mechanism for external access to FFIEC members’ respective supervision systems. Reserve Banks are asked to distribute this letter to the supervised organizations in their districts and to appropriate supervisory staff. Questions may be sent via the Board’s public website.2 1 The FFIEC Statement of Principles on Examination Information Requests supplements the guidance in SR letter 19-5, “Communication Expectations for Community Bank Examinations and Inspections.” 2 See https://www.federalreserve.gov/apps/contactus/feedback.aspx.
Page 2 of 2 Michael S. Gibson Eric S. Belsky Director Director Division of Supervision Division of Consumer and and Regulation Community Affairs Attachments: • FFIEC Statement of Principles on Examination Information Requests Cross References: • SR letter 19-5, “Communication Expectations for Community Bank Examinations and Inspections”