Clarification on FDICIA Part 363 and HUD LEAP Filing Deadlines
We recently received clarification from the FDIC and HUD on two important reporting deadlines applicable to certain financial institutions.
The FDIC has clarified its policy for insured depository institutions (IDIs) with assets over $500 million. Although it has not officially extended the deadline for filing the required annual Part 363A reporting package, the FDIC will provide a 45-day grace period for IDIs that are experiencing disruptions caused by COVID-19 to file their required FDICIA annual reports.
The FDIC encourages institutions to contact the FDIC in advance of the official filing date if a delayed submission is anticipated. However, the FDIC has indicated it will “not take supervisory action” against any institutions if they file their annual reports within 45 days of their required reporting deadline. Additionally, no supervisory action will be taken against institutions who submit notices of late filing pursuant to Part 363.4 within 45 days of its original due date. The 45-day period was chosen to align with similar relief announced by the Securities and Exchange Commission (SEC).
Based on recent correspondence we have received from the Department of Housing and Urban Development (HUD), the 30-day extension to file HUD recertification applications that was previously announced applies to calendar year-end institutions only. The postponed deadline for submitting HUD re-certifications through their LEAP system to April 30, 2020 is not intended to be applied as a 30-day extension to all filings. All recertification applications due subsequent to April 30, 2020 must adhere to the original 90-day reporting deadline.
This information was current as of April 7, 2020, and may be subject to additional changes in the days and weeks ahead. Please contact Angelo Spaneas or your BNN advisor at 800.244.7444 with any questions or concerns.
Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, investment, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.