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Home > News & Events > Inactive Financial Institution Letters |
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Inactive Financial Institution Letters |
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FIL-9-96 | |
February 22, 1996 |
TO: |
CHIEF
EXECUTIVE OFFICER |
SUBJECT: |
FDIC
Adopts Amendment to Annual Audit and Reporting Requirements (Part 363) |
On February
6, 1996, the FDIC Board of Directors adopted the attached amendment
to its "Annual Independent Audits and Reporting Requirements" (12
CFR Part 363). The amendment implements various provisions of the
Riegle Community Development and Regulatory Improvement Act of 1994
and provides relief from audit and reporting requirements for certain
sound, well-managed banks. Additional revisions resulted from the
FDIC's own efforts to review its regulations and eliminate unnecessary
requirements. Please forward this letter and its attachments to
the appropriate personnel in your institution.
Existing Part 363 requires each FDIC-insured institution with $500 million or more in total assets to submit annual reports by management and an independent public accountant on internal controls and compliance with designated laws. However, most institutions with less than $9 billion in total assets may satisfy this reporting requirement if the parent holding company files these reports on the institution's behalf.
Attachment: Distribution: Selected Insured Banks and Savings Associations |
Last Updated 07/13/1999 | communications@fdic.gov |