FDIC Rescinds Statement on Part 363 Annual Reports in Response to COVID-19

On March 15, 2022, the Federal Deposit Insurance Corporation issued Financial Institution Letter (FIL) FIL-10-2022, Rescission of Statement on Part 363 Annual Reports in Response to the Coronavirus rescinding FIL-30-2020.  It applies to all insured depository institutions (IDIs) with total assets of at least $500 million.  FIL-30-2020 provided an additional 45 days to IDIs subject to Part 363 of the FDIC’s regulations to file their Part 363 Annual Reports and Other Reports and Notices.

Under FIL-10-2022, the rescission of the previous deadline extension is effective for fiscal years beginning after December 31, 2021.  For fiscal years beginning after December 31, 2021, the new deadline for filing the annual report will revert to either 90 or 120 days after the end of the IDI’s fiscal year, depending on the IDI’s status as a public filer.  Additionally, the Notification of Late Filing will remain applicable for fiscal years beginning after December 31, 2021.  Thus, an IDI must submit a written Notice of Late Filing to the FDIC, the appropriate federal banking agency, and any appropriate state bank supervisor by the 90 or 120-day report filing deadline if that IDI is unable to timely file all or any portion of its annual report.