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2020-10-23
article
Applicability of Annual Independent Audits and Reporting Requirements for Fiscal Years Ending in 2021
Rules and Regulations
D09002ee1bdb34f16
D09002ee1bdb34f86
United States
Federal Deposit Insurance Corporation
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United States Government Agency or Subagency
In light of recent disruptions in economic conditions caused by the coronavirus disease 2019 (COVID-19) and strains in U.S. financial markets, some insured depository institutions (IDIs) have experienced increases to their consolidated total assets as a result of large cash inflows resulting from participation in the Paycheck Protection Program (PPP), the Money Market Mutual Fund Liquidity Facility (MMLF), the Paycheck Protection Program Liquidity Facility (PPPLF), and the effects of other government stimulus efforts. Since these inflows may be temporary, but are significant and unpredictable, the FDIC is issuing an interim final rule (IFR) that will allow IDIs to determine the applicability of part 363 of the FDIC's regulations, Annual Independent Audits and Reporting Requirements, for fiscal years ending in 2021 based on the lesser of their consolidated total assets as of December 31, 2019, or consolidated total assets as of the beginning of their fiscal years ending 2021. Notwithstanding any temporary relief provided by this IFR, an IDI would continue to be subject to any otherwise applicable statutory and regulatory audit and reporting requirements. The IFR also reserves the authority to require an IDI to comply with one or more requirements of part 363 if the FDIC determines that asset growth was related to a merger or acquisition.
85 FR 67427
https://www.govinfo.gov/app/details/FR-2020-10-23/2020-23630
2020-23630
fr23oc20-2
RIN 3064-AF63
6714-01-P
https://www.govinfo.gov/app/details/FR-2020-10-23/2020-23630
https://www.govinfo.gov/content/pkg/FR-2020-10-23/html/2020-23630.htm
https://www.govinfo.gov/content/pkg/FR-2020-10-23/pdf/2020-23630.pdf
Accounting
Administrative Practice and Procedure
Banks
Banking
Reporting and Recordkeeping Requirements
7 p.
67427
67433
85 FR 67427
Code of Federal Regulations
Title 12 Part 363
12 CFR Part 363
Regulation Identification Number 3064-AF63
RIN 3064-AF63
Applicability of Annual Independent Audits and Reporting Requirements for Fiscal Years Ending in 2021; Federal Register Vol. 85, Issue
RULE
2020-23630
FEDERAL DEPOSIT INSURANCE CORPORATION
2020-10-23
2020-11-23
6714-01-P
2020-23630
Interim final rule and request for comment.
In light of recent disruptions in economic conditions caused by the coronavirus disease 2019 (COVID-19) and strains in U.S. financial markets, some insured depository institutions (IDIs) have experienced increases to their consolidated total assets as a result of large cash inflows resulting from participation in the Paycheck Protection Program (PPP), the Money Market Mutual Fund Liquidity Facility (MMLF), the Paycheck Protection Program Liquidity Facility (PPPLF), and the effects of other government stimulus efforts. Since these inflows may be temporary, but are significant and unpredictable, the FDIC is issuing an interim final rule (IFR) that will allow IDIs to determine the applicability of part 363 of the FDIC's regulations, Annual Independent Audits and Reporting Requirements, for fiscal years ending in 2021 based on the lesser of their consolidated total assets as of December 31, 2019, or consolidated total assets as of the beginning of their fiscal years ending 2021. Notwithstanding any temporary relief provided by this IFR, an IDI would continue to be subject to any otherwise applicable statutory and regulatory audit and reporting requirements. The IFR also reserves the authority to require an IDI to comply with one or more requirements of part 363 if the FDIC determines that asset growth was related to a merger or acquisition.
The interim final rule is effective October 23, 2020 through December 31, 2021, unless extended by the FDIC. Comments on the interim final rule must be received no later than November 23, 2020.
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; and Merritt Pardini, Counsel, (202) 898-6680, mpardini@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.
Accounting
Administrative Practice and Procedure
Banks
Banking
Reporting and Recordkeeping Requirements
Applicability of Annual Independent Audits and Reporting Requirements for Fiscal Years Ending in 2021,
Comments@FDIC.gov
hgreene@fdic.gov
jraidle@fdic.gov
jrieger@fdic.gov
mflanigan@fdic.gov
mpardini@fdic.gov
sbeattie@fdic.gov
https://www.fdic.gov/news/board/2020/2020-09-15-notice-sum-b-fr.pdf
https://www.fdic.gov/regulations/laws/federal
https://www.federalreserve.gov/newsevents/pressreleases/monetary20200728a.htm
https://www.federalreserve.gov/publications/files/mlf-msnlf-mself-and-ppplf-5-15-20.pdf
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
Federal Register
Vol. 85, no. 206
Office of the Federal Register, National Archives and Records Administration
2020-10-23
continuing
daily
deposited
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215 p.
Table of Contents:
AE 2.7:
GS 4.107:
AE 2.106:
KF70.A2
https://www.govinfo.gov/app/details/FR-2020-10-23
P0b002ee1a9192cb0
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0042-1219
0364-1406
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f:fr23oc20
https://www.govinfo.gov/app/details/FR-2020-10-23
https://www.govinfo.gov/content/pkg/FR-2020-10-23/pdf/FR-2020-10-23.pdf
https://www.govinfo.gov/content/pkg/FR-2020-10-23/xml/FR-2020-10-23.xml
fdlp
67427
67630
DGPO
2020-10-23
2023-04-27
FR-2020-10-23
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FR
FR-2020-10-23
85
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