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The FDIC issued an ICBA-advocated interim rule adjusting regulatory asset thresholds for community banks to mitigate costs from their sizable Paycheck Protection Program lending.
The interim final rule allows community banks to use their 2019 asset sizes for 2021 auditing and reporting requirements under Part 363. It will help up to 290 community banks avoid new regulatory costs caused by PPP lending—including 156 that have crossed the $500 million asset threshold, 107 at $1 billion, and 27 at $3 billion.
As ICBA said in letters to Congress and federal regulators since August, the surge of PPP loans has swelled the balance sheets of community banks, inadvertently subjecting them to additional supervision, regulations, and costs.
"ICBA and community bankers commend the FDIC for quickly responding to our calls to adjust regulatory asset thresholds for community banks," ICBA President and CEO Rebeca Romero Rainey said in a statement.