Banks Can Now Submit Annual Reports Electronically
On October 25th, the FDIC issued FIL-71-2016, granting depository institutions the ability to file annual reports and other reports and notices required under Part 363 electronically through the FDIC’s secure website, FDIC connect (FCX), rather than in paper form. This is applicable to all institutions with assets greater than $500 million in total assets.
Institutions must continue to file paper copies of the peer review report and Public Company Accounting Oversight Board inspection report of the auditing firm.
The size of each PDF file is limited to 20MB, and the maximum number of PDF files that can be submitted is ten per submission. The system accepts electronic signatures. However, the institution must maintain a copy of each report with original signatures that is readily available for inspection and review by the FDIC or other appropriate federal or state supervisors.
You can read the full FIL-71-2016 here: https://www.fdic.gov/news/news/financial/2016/fil16071a.pdf
Joshua Juergensen is a principal with CLA. He works with banks and credit unions nationwide, managing audit engagements, directors’ exams, external loan file reviews, internal audits, and other consulting services.
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