On Monday, March 18, 2019, the FDIC joined the other prudential regulators in removing the requirement to make available the Annual Disclosure Statement required under 12 CFR 350, to simplify their regulation as the information is available through the FDIC’s website. The OCC and FRB had previously removed this requirement in 2017 and 1998, respectively.
The Disclosure Statement has been required to be available annually by March 31 or the fifth day after an organization’s annual report covering the year is sent to shareholders, whichever occurs first. This revocation is effective on April 17, 2019. It’s not clear from the regulation whether or not the 16 days of overlap will require the information to have been prepared.
This also removes the requirement to display the availability of the Annual Notice signage in your bank’s lobby on or after April 17.
TCA is A Better Way to help you. Contact us at (800) 934-7347 or by email at [email protected].