FDIC Grants Extension on Internal Control Reports

Hoosier Banker, Jan 2005

The Federal Deposit Insurance Corp. will follow the Security and Exchange Commission's lead by allowing financial institutions subject to Part 363 of its regulations to take up to 120 days after the end of their fiscal years to submit both the management and independent auditor internalcontrol assessments required in their Part 363 annual reports, the agency said Dec. 21, 2004, in Financial Institution Letter 137-2004. The SEC and the Public Company Accounting Oversight Board on Nov. 30 extended the deadline for filing management reports and auditor attestations on internal controls mandated by the Sarbanes-Oxley Act's Section 404.

The American Bankers Association had asked FDIC about a Part 363 filing extension early last month, because a number of FDIC-regulated institutions fall directly or indirectly within the scope of the SEC's Section 404 filing extension. For more information, contact ABA's Donna Fisher at dfisher@akba.com.