Regulatory Alerts2023-03-31
OFI Bulletin 01-2023 Directors’ Examination Requirements
The Office of Financial Institutions requires state-chartered financial institutions to submit annual Directors’ Examination Reports by April 30, or within 120 days for non-December year-ends. Audit committees may satisfy this mandate using one of four external audit options, each specifying precise documentation submissions including audited financial statements, management letters, and subsidiary balance sheets. Institutions must align their selected audits with the revised Rule’s coverage criteria and file complete copies of the required forms to maintain compliance.
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