FDICIA Compliance is at Your Doorstep… Are You Ready?
In general, most bankers are aware of the significance of crossing the $1 billion asset threshold. Whether achieved through organic growth or through a merger or acquisition, it’s a milestone that presents a host of new opportunities.
On the flip side, however, crossing the $1 billion threshold also introduces another issue in that institutions become subject to the requirements of Section 36 of the Federal Deposit Insurance Corporation Improvement Act (FDICIA). Though increasingly relevant in today’s market, the rules set forth by FDICIA are anything but new. A lack of adequate preparation for FDICIA compliance is usually due to a bank’s limited understanding of the process to be compliant, but the requirements need to be on their radar well before they hit the asset size threshold.
Remaining compliant during the transition to a $1 billion bank requires a more sophisticated risk management structure, which includes the appropriate personnel, as well as accurately documented and effective processes and procedures. In the absence of this, FDICIA compliance is challenging to achieve and unfortunately, many bankers find themselves on the cusp of the asset threshold only to discover that they are woefully unprepared for the transition.
During this complimentary webinar, we will cover:
- What is FDICIA and why is it important
- Practical steps to start taking before assets hit $1Billion
- Changes in audit requirements and reporting complexities
- How to avoid the most common pitfalls in preparing for FDICIA compliance
- Responsibilities of different parties: Management/Internal Audit, Board/Audit Committee, External Audit, etc
- And More!
In the past few years, the number of financial institutions with more than $1 billion has been significantly increasing. For this reason, banks need a plan that gives management teams a collective understanding of FDICIA and also helps them work cohesively toward achieving the common goal, while also ensuring that the business is well-positioned for success.
Download the webinar and let us help you better understand the intricacies of FDICIA compliance as well as the practical steps you can take to prepare before you hit $1 billion.