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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Joint Press Release

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision
For immediate release
April 3, 2007

Agencies Seek Comment on Expanded Examination Cycle for Certain Institutions

The federal bank and thrift agencies on Tuesday requested public comment on proposed interim rules expanding the range of small institutions eligible for an extended 18-month on-site examination cycle.  The proposed interim rules allow well-capitalized and well-managed banks and savings associations with up to $500 million in total assets and a composite CAMELS rating of 1 or 2 to qualify for an 18-month (rather than a 12-month) on-site examination cycle. 

Until recently, only institutions with less than $250 million in total assets could qualify for an extended 18-month on-site examination cycle.  The proposed interim rules also revise the provisions governing the on-site examination cycle for the U.S. branches and agencies of foreign banks.   

The proposed interim rules, effective upon publication in the Federal Register, implement section 605 of the Financial Services Regulatory Relief Act of 2006 and related provisions from the International Banking Act, both of which are already effective.

The proposed interim rules, issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, are attached and will be published in the Federal Register shortly.  The agencies will be seeking comment on the interim rules for a 30-day period.

Attachment (64 KB PDF)

Media Contacts:
Federal Reserve Board Deborah Lagomarsino 202-452-2955
FDIC David Barr 202-898-6992
OCC Kevin Mukri 202-874-5770
OTS Kevin Petrasic 202-906-6677
 
Last update: April 3, 2007