Regulatory Alerts2020-10-23 | 2020-23630Applicability of Annual Independent Audits and Reporting Requirements for Fiscal Years Ending in 2021
The Federal Deposit Insurance Corporation issued an interim final rule granting insured depository institutions temporary relief from standard asset thresholds for annual independent audits and reporting requirements due to pandemic-driven capital inflows. Institutions may now determine their compliance for fiscal years ending in 2021 by using the lesser of their consolidated total assets as of December 31, 2019, or the beginning of their respective fiscal years. This temporary measure remains effective through December 31, 2021 and preserves the FDIC’s authority to enforce standard requirements if asset growth stems from mergers or acquisitions.
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