FDIC Issues Relief for Filing Annual Report Required by Part 363

Thoughtware Alert Mar 30, 2020
Change pilled up in stacks

On March 27, 2020, the FDIC issued Financial Institution Letter (FIL) 30-2020, which provides additional information and guidance to insured depository institutions (IDI) that may need additional time to submit their annual reports under Part 363 of the FDIC’s Rules and Regulations due to the effects of SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19). The FDIC will not take supervisory action against any IDI as long as the annual report or notification of late filing of its Part 363 annual report is submitted within 45 days of the 90- or 120-day report filing deadline. 

Part 363 requires each IDI with $500 million or more in assets to submit an annual report to the FDIC (or appropriate federal banking agency for non-FDIC supervised IDIs) and any appropriate state bank supervisor. Section 363.4 sets forth deadlines for an IDI to file its annual report. Depending on status as a public filer, the deadline for filing the annual report is either 90 or 120 days after the end of the IDI’s fiscal year-end. An IDI is encouraged to contact the FDIC in advance of the official filing date if the IDI anticipates a delayed submission. The 45-day period was selected to align with other forms of relief for regulatory filings. On March 4, 2020, the SEC issued an order providing conditional regulatory relief for certain publicly traded company filing obligations under the federal securities laws. The staff of the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the state banking regulators have confirmed the FDIC’s treatment of the annual report required by Part 363. 

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