Summary:
On March 27, 2020, the FDIC issued Financial Institution Letter (FIL-30-2020), Statement on Part 363 Annual Reports in Response to the Coronavirus , which provided an additional 45 days for insured depository institutions (IDIs) subject to Part 363 of the FDIC’s regulations to file their Part 363 Annual Reports and Other Reports and Notices. The FDIC, in consultation with federal and state financial regulators, is rescinding FIL-30-2020.
Statement of Applicability: This Financial Institution Letter applies to all insured depository institutions with $500 million or more in total assets.
Highlights:
The FDIC rescinds FIL-30-2020, which provided a 45-day extension of time for filing Part 363 Annual Reports.
- The rescission is effective for fiscal years beginning after December 31, 2021. The deadline for filing the annual report for fiscal years beginning after December 31, 2021 reverts to either 90 or 120 days after the end of the IDI’s fiscal year, depending on the IDI’s status as a public filer.
- IDIs are reminded that the provisions of §363.4(e) and Guideline 23 to Part 363 regarding the Notification of Late Filing remain applicable for fiscal years beginning after December 31, 2021. Thus, to the extent that an IDI is unable to timely file all or any portion of its annual report, the IDI must submit a written Notice of Late Filing to the FDIC, the appropriate federal banking agency, and any appropriate state bank supervisor by the 90- or 120-day report filing deadline. These provisions also apply to any IDI subject to Part 363 of the FDIC’s regulations that may be unable to submit its Part 363 Annual Report in a timely manner due to the effects of the pandemic.
- The FDIC affirms that 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 acknowledged the FDIC’s treatment of the annual report required by Part 363.
Suggested Routing:
Accounting
FIL-10-2022