FDICIA readiness guide for $500M banks
As your bank approaches the $500 million asset threshold, FDICIA compliance becomes a new and pressing priority. What changes at this stage? More than many institutions realize — from how your audit must be conducted to who can sit on your audit committee.
Adding to the complexity, the FDIC recently proposed revisions to Part 363 of FDICIA, including raising certain asset thresholds for audit and internal control requirements and indexing them for inflation. While these changes are still under review and may affect some states but not others, Wipfli is closely monitoring the rulemaking process and helping clients understand potential impacts.
Wipfli’s FDICIA readiness guide for $500M banks outlines exactly what’s required once you cross the threshold, when those requirements take effect, and how to prepare without disruption. Whether you’re a few quarters away or planning years ahead, this guide will help you get started with clarity and confidence.
What you’ll learn
- The specific compliance requirements triggered at the $500M mark
- What makes an audit firm independent under FDICIA rules
- Why your current CPA may no longer be eligible
- How to build an audit committee that meets regulatory expectations
- A step-by-step timeline and checklist to guide your transition
Why it matters
Once your assets exceed $500 million at the start of a fiscal year, FDICIA Part 363 kicks in — and the clock starts ticking. These rules require:
- A fully independent audit of your comparative financials
- A majority-independent audit committee
- Clear separation between audit and advisory services
- Attestations from your CEO and CFO regarding accuracy
Don’t let compliance surprises disrupt your operations. Our guide helps you prepare early and avoid common pitfalls.
