Rule2021-25415
Applicability of Annual Independent Audits and Reporting Requirements for Fiscal Years Ending in 2021; Correction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
November 22, 2021
Effective
November 22, 2021
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
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.
Full Text
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<title>Federal Register, Volume 86 Issue 222 (Monday, November 22, 2021)</title>
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[Federal Register Volume 86, Number 222 (Monday, November 22, 2021)]
[Rules and Regulations]
[Page 66155]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-25415]
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Rules and Regulations
Federal Register
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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.
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Federal Register / Vol. 86, No. 222 / Monday, November 22, 2021 /
Rules and Regulations
[[Page 66155]]
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.
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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, <a href="/cdn-cgi/l/email-protection#3d555a4f585853587d5b59545e135a524b"><span class="__cf_email__" data-cfemail="a0c8c7d2c5c5cec5e0c6c4c9c38ec7cfd6">[email protected]</span></a>; Shannon M. Beattie,
Section Chief and Deputy Chief Accountant, (202) 898-3952,
<a href="/cdn-cgi/l/email-protection#9be8f9fefaefeff2fedbfdfff2f8b5fcf4ed"><span class="__cf_email__" data-cfemail="7d0e1f181c090914183d1b19141e531a120b">[email protected]</span></a>; John Rieger, Chief Accountant, (202) 898-3602,
<a href="/cdn-cgi/l/email-protection#98f2eaf1fdfffdead8fefcf1fbb6fff7ee"><span class="__cf_email__" data-cfemail="a8c2dac1cdcfcddae8ceccc1cb86cfc7de">[email protected]</span></a>; Mark G. Flanigan, Senior Counsel, (202) 898-7426,
<a href="/cdn-cgi/l/email-protection#35585359545b5c52545b7553515c561b525a43"><span class="__cf_email__" data-cfemail="e4898288858a8d83858aa482808d87ca838b92">[email protected]</span></a>; Joyce M. Raidle, Counsel, (202) 898-6763,
<a href="/cdn-cgi/l/email-protection#157f67747c7179705573717c763b727a63"><span class="__cf_email__" data-cfemail="274d55464e434b426741434e4409404851">[email protected]</span></a>, 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
0
1. The authority citation for part 363 is revised to read as follows:
Authority: 12 U.S.C. 1831m.
0
2. Amend Sec. 363.1 by revising paragraph (a) to read as follows:
Sec. 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
Sec. 363.1 by adding paragraph (e) to read as follows:
Sec. 363.1 Scope and definitions.
* * * * *
(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
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