BOARD OF GOVERNORS
FEDERAL RESERVE SYSTEM
WASHINGTON, D. C. 20551
DIVISION OF BANKING
SUPERVISION AND REGULATION
SR 93-4 (FIS)
January 21, 1993
TO THE OFFICER IN CHARGE OF SUPERVISION
AT EACH FEDERAL RESERVE BANK
SUBJECT: Adoption of Minimum Timing Standards for the Completion of Examination and Inspection Reports
The Federal Reserve's recent review of examination and supervisory policies and procedures has resulted in several recommendations being submitted to Division management at the Board for consideration. These recommendations for strengthening our existing policies and procedures have been formulated by working groups consisting of Reserve Bank and Board staff, and subsequently agreed upon by Reserve Bank senior management. It is based on the findings of this working group that the Director has determined that the adoption of a standard for the timely completion of examination and inspection reports is appropriate.
Effective immediately, examination and inspection reports issued by the Federal Reserve must be completed and mailed within a maximum of 60 calendar days, commencing with the day following the examiner's exit meeting. This standard applies to reports for all banks and holding companies, regardless of the complexity of the organization. Additionally, for institutions rated 3, 4, or 5 Reserve Banks are encouraged to adopt an internal target of 45 calendar days for processing and mailing reports. In cases where reports are issued jointly with other agencies, this standard may be extended at the discretion of senior management at the Reserve Bank.
Should you have any questions regarding the policy outlined here, please call Steve Lovette at (202) 452-3622.
Stephen C. Schemering
SR letters | 1993