Applicability of Annual Independent Audits and Reporting Requirements for Fiscal Years Ending in 2021; Correction, 66155 [2021-25415]

Agencies

• FEDERAL DEPOSIT INSURANCE CORPORATION

[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 [www.gpo.gov]
[FR Doc No: 2021-25415]



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Rules and Regulations
                                                Federal Register
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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, [email protected]; Shannon M. Beattie, 
Section Chief and Deputy Chief Accountant, (202) 898-3952, 
[email protected]; John Rieger, Chief Accountant, (202) 898-3602, 
[email protected]; Mark G. Flanigan, Senior Counsel, (202) 898-7426, 
[email protected]; Joyce M. Raidle, Counsel, (202) 898-6763, 
[email protected], 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.
* * * * *

0
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