FDIC issues statement on Part 363 annual reports in response to Covid-19

Federal Issues Covid-19 FDIC

On March 27, the FDIC issued a Financial Institution Letter providing additional information and guidance to insured depository institutions (IDIs) subject to Part 363 of the FDIC regulations that have been affected by Covid-19. The FDIC will not take supervisory action against an 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. IDIs are encouraged to contact the FDIC in advance of the official filing date if the IDI anticipates delayed submission. This letter applies to all insured depository institutions with $500 million or more in total assets.