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FDIC to accept annual reports delayed by COVID-19
The FDIC has issued FIL-30-2020 to provide additional information and guidance to insured depository institutions (IDIs) subject to Part 363 of the FDIC's regulations that have been affected by COVID-19. Highlights of the statement: As noted in the statement, the FDIC:
- Recognizes that an IDI may not be able to file its Part 363 Annual Report in a timely manner due to the effects of COVID-19.
- Provides that the FDIC will not take supervisory action against any IDI for submitting its Part 363 Annual Report or its written notification of late filing as long as the annual report or notification of late filing is submitted within 45 days of the 90- or 120-day report filing deadline.
- Encourages IDIs to contact the FDIC in advance of the official filing date if the IDI anticipates a delayed submission.
- 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 confirmed the FDIC's treatment of the annual report required by Part 363.