The FDIC has recently released revised rules for Part 363, commonly known as FDICIA. The changes were driven by experience with prior compliance and a desire to clarify prior guidance and incorporate certain items from the Sarbanes-Oxley Act Section 404 into FDICIA requirements. The goal of the revised rules is consistent with the original rules, which is to facilitate the early identification of problems in financial management of covered institutions. The assumption behind the goal is that audited financial statements and effective internal controls over financial and regulatory reporting assist the FDIC in executing their oversight and monitoring role.
With the rules freshly finalized, this Accounting Insight summarizes the key requirements so you can consider their impact on your institution and your current state of readiness. Please note we have not addressed every compliance issue in Part 363, and we encourage you to read the full text and supporting documents at http://www.fdic.gov/news/news/financial/2009/fil09033.html to provide additional information on issues not addressed by this Accounting Insight.
Average Rating:
Length: 4 pages (PDF 56 kB)