Federal Banking Agencies Adopt Rules on Examination Schedule for IDIs (Fed. Reg.)

The FDIC, Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System jointly adopted and requested comment on interim final rules permitting certain insured depository institutions ("IDIs") to qualify for an 18-month on-site examination cycle instead of a 12-month cycle. Currently insured depository institutions with less than $500 million in total assets are eligible for the 18-month examination schedule. The new proposed interim final rules will permit IDI's with up to $1 billion in total assets that meet certain other criteria to qualify. According to the FDIC, the implementation of these rules will allow the agencies to better focus supervisory resources on larger IDIs.

The joint interim final rules became effective on February 29, 2016; comments on these rules must be received by April 29, 2016.