Interim final rules expanding examination cycles for qualifying small banks…
August 23, 2018 / Source: FRB
Joint Press Release
August 23, 2018
Agencies issue interim final rules expanding examination cycles for qualifying small banks and U.S. branches and agencies of foreign banks
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For release at 3:00 p.m. EDT
WASHINGTON--Federal banking agencies today issued interim final rules to expand the number of insured depository institutions and U.S. branches and agencies of foreign banks eligible for an 18-month on-site examination cycle.
As authorized by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), the interim final rules generally would allow qualifying insured depository institutions with less than $3 billion in total assets to benefit from an extended 18-month on-site examination cycle.
The rules also make parallel changes to the agencies' regulations governing the on-site examination cycle for U.S. branches and agencies of foreign banks.
Prior to enactment of the EGRRCPA, only qualifying insured depository institutions and U.S. branches and agencies of foreign banks with less than $1 billion in total assets were eligible for an 18-month examination cycle.
Comments will be accepted for 60 days after the interim final rules' publication in the Federal Register.
Federal Reserve Board Darren Gersh (202) 452-2955
FDIC David Barr (202) 898-6992
OCC Bryan Hubbard (202) 649-6870
Last Update: August 23, 2018