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Comments due: FDIC (interim final rule; audits and reporting, fiscal years ending 2021)
Recognizing recent disruptions in economic conditions caused by the coronavirus disease (COVID-19) and strains in U.S. financial markets affecting some insured depository institutions (IDIs), the Federal Deposit Insurance Corp. (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 Dec. 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.