What if your bank’s assets cross the $500 million and $1 billion thresholds?
During these unprecedented times, you may encounter unusual impacts on your institution’s balance sheet that will alter your compliance requirements. As your bank grows — either organically or through acquisitions — it’s important to prepare for additional requirements that come into effect after you reach $500 million or $1 billion in assets. Under the Federal Deposit Insurance Corporation Improvement Act (FDICIA), banks with assets between $500 million and $1 billion must:
Banks that cross the $1 billion threshold must also:
Generally, when a bank crosses one of these thresholds, the new requirements take effect at the beginning of the next fiscal year. For any questions related to asset thresholds, or for any guidance related to your institution’s accounting practices, please contact VonLehman’s specialized Financial Institution Service Group at firstname.lastname@example.org or 800.887.0437.