Regulatory Alerts2021-11-22 | 2021-25415Applicability of Annual Independent Audits and Reporting Requirements for Fiscal Years Ending in 2021; Correction
The Federal Deposit Insurance Corporation issues a correcting amendment to 12 CFR Part 363 that clarifies and relocates temporary audit and reporting relief for insured depository institutions with fiscal years ending in 2021. This amendment moves the temporary asset threshold relief from paragraph (a) to a new paragraph (e), permitting institutions to determine applicability based on the lesser of their consolidated total assets as of December 31, 2019, or the beginning of their fiscal year. Effective November 22, 2021, the rule maintains existing statutory requirements while reserving FDIC authority to mandate compliance for institutions experiencing merger- or acquisition-related asset growth.
Share