ICBA Commends FDIC for Final Rule Updating Audit and Reporting Thresholds

Washington, D.C. — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Federal Deposit Insurance Corporation’s passage of a final rule updating audit and reporting requirements under the Federal Deposit Insurance Corporation Improvement Act. 

“ICBA and the nation's community bankers commend the FDIC board of directors for approving a final rule that modernizes the Part 363 asset thresholds mandated under the Federal Deposit Insurance Corporation Improvement Act of 1991. Because the agency has not made regular adjustments to these thresholds to keep pace with inflation and industry changes, the limits had ceased to provide a meaningful exemption to community banks. 

“The FDIC’s ICBA-advocated rule raising the audit and reporting thresholds and accounting for inflation will help ensure regulatory thresholds are more durable and preserve their intended application over time. 

“ICBA has long urged the banking agencies to raise these thresholds, including via a recent grassroots campaign and comment letter to the FDIC on its Part 363 proposal and in a separate letter to regulators earlier this year that recommended practical regulatory reforms. We look forward to continuing to work with policymakers to advance additional common-sense regulatory relief that allows community banks to focus their efforts on meeting the needs of local communities.” 

About ICBA 
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.    

As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.