Intending to reduce regulatory compliance costs for smaller institutions while maintaining safety and soundness protections, federal banking regulators recently issued interagency final rules increasing the number of small banks and savings associations eligible for an 18-month examination cycle.
These rules, which effectively add six months to the standard 12-month cycle for affected entities, will be retroactively effective Feb. 29, 2016, pursuant to interim final rules the agencies previously adopted.
Read on to find out more about eligibility for the extended examination cycles.