Applicability of Annual Independent Audits and Reporting Requirements for Fiscal Years Ending in 2021; Correction

This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Rules and Regulations Federal Register 66155 Vol. 86, No. 222 Monday, November 22, 2021 FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR Part 363 RIN 3064–AF77 Applicability of Annual Independent Audits and Reporting Requirements for Fiscal Years Ending in 2021; Correction AGENCY: Federal Deposit Insurance Corporation (FDIC). ACTION: Correcting amendment. SUMMARY: This document contains a correction to the authority citation and regulatory text regarding the applicability of annual independent audits and reporting requirements for fiscal years ending in 2021, which was published in an interim final rule (IFR) on October 23, 2020. DATES: This correcting amendment is effective on November 22, 2021, except for instruction 3, which is effective November 22, 2021 through December 31, 2021. FOR FURTHER INFORMATION CONTACT:
Harrison E. Greene, Jr., Assistant Chief Accountant, (202) 898–8905, hgreene@ fdic.gov; Shannon M. Beattie, Section Chief and Deputy Chief Accountant, (202) 898–3952, sbeattie@fdic.gov; John Rieger, Chief Accountant, (202) 898– 3602, jrieger@fdic.gov; Mark G. Flanigan, Senior Counsel, (202) 898– 7426, mflanigan@fdic.gov; Joyce M. Raidle, Counsel, (202) 898–6763, jraidle@fdic.gov, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429. For the hearing impaired only, Telecommunication Device for the Deaf (TDD), (800) 925–4618. SUPPLEMENTARY INFORMATION:
I. Background
On October 23, 2020, the FDIC issued an IFR allowing insured depository institutions (IDIs) to determine the applicability of part 363 of the FDIC’s regulations for fiscal years ending in 2021 based on the lesser of the IDI’s (a) consolidated total assets as of December 31, 2019; or (b) consolidated total assets as of the beginning of their fiscal years ending in 2021. Notwithstanding the temporary relief provided by the IFR, IDIs remain subject to any audit and reporting requirements applicable under other laws and regulations. Also, the FDIC reserves the authority to require an IDI to comply with one or more requirements under
part 363 if the FDIC determines that
asset growth was related to a merger or acquisition. Need for Correction This correcting amendment makes no change to the relief provided by the IFR originally published, but clarifies the authority citation and revises 12 CFR
363.1 by removing the temporary relief
regarding the applicability of annual independent audits and reporting requirements for fiscal years ending in 2021 from paragraph (a) and adding the temporary relief into paragraph (e). List of Subjects in 12 CFR Part 363 Accounting, Administrative practice and procedure, Banks, Banking, Reporting and recordkeeping requirements. For the reasons stated in the preamble, the FDIC makes the following correcting amendment to 12 CFR part 363:
PART 363—ANNUAL INDEPENDENT
AUDITS AND REPORTING
REQUIREMENTS

• 1. The authority citation for part 363
     is revised to read as follows:
     Authority: 12 U.S.C. 1831m.
• 2. Amend § 363.1 by revising
     paragraph (a) to read as follows:
     § 363.1 Scope and definitions. (a) Applicability. This part applies to any insured depository institution with respect to any fiscal year in which its consolidated total assets as of the beginning of such fiscal year are $500 million or more. The requirements specified in this part are in addition to any other statutory and regulatory requirements otherwise applicable to an insured depository institution.

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• 3. Effective November 22, 2021
     through December 31, 2021, further amend § 363.1 by adding paragraph (e) to read as follows:
     § 363.1 Scope and definitions.

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(e) Temporary relief. (1) Notwithstanding paragraph (a) of this
section and for all requirements in this
part, with respect to any fiscal year
ending in 2021, an insured depository institution’s consolidated total assets shall be determined based on the lesser of an insured depository institution’s consolidated total assets as of December 31, 2019, or an insured depository institution’s consolidated total assets as of the beginning of its fiscal year ending in 2021. (2) Until December 31, 2021, the FDIC reserves the authority to require an insured depository institution to comply with one or more requirements under this part if the FDIC determines that asset growth was related to a merger or acquisition. Federal Deposit Insurance Corporation. Dated at Washington, DC, on November 16, 2021. James P. Sheesley, Assistant Executive Secretary. [FR Doc. 2021–25415 Filed 11–19–21; 8:45 am] BILLING CODE 6714–01–P