FDICIA compliance services

Are you about to hit the FDICIA asset threshold?

The FDIC Improvement Act of 1991 (FDICIA) subjects financial institutions to strict requirements based on two asset size levels. If your institution is approaching $500 million or $1 billion in assets, you may rapidly find yourself in noncompliance with new requirements around auditor independence, financial statement reporting or internal controls.

Because many financial institutions suddenly realize they’re unprepared to meet FDICIA requirements, it’s critical to start the compliance process now while you’re still under the threshold. One merger or acquisition, or even organic growth, could push you over the threshold and set the clock ticking down.

Wipfli can help. Our team of FDICIA specialists guides your institution along each step of the compliance process. To help you prepare for FDICIA compliance, we:

  • Educate management and business process owners on FDICIA requirements for the applicable asset threshold
  • Inventory your key internal controls over financial reporting (ICFR)
  • Evaluate your existing ICFR for design and operating effectiveness
  • Provide a gap analysis where potential weaknesses exist
  • Outline a plan for any remediation, as well as a plan for complying with FDICIA upon time of adoption
  • Coordinate with your external auditor to ensure effective and efficient integration with the external audit process

Early awareness of FDICIA guidelines and requirements is key to a successful transition and compliance. Our approach is to work directly with your board, audit committee and executive team to develop an efficient and effective FDICIA plan. Contact us to get started.