ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release September 19, 2005 #05-66
E-mail: [email protected]

ACB STRONGLY URGES FDIC TO RELIEVE CERTAIN FDICIA REPORTING BURDENS

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WASHINGTON, D.C. — America’s Community Bankers has strongly urged the FDIC to relieve burdens on community banks by adopting its proposal increasing to $1 billion the threshold for complying with certain requirements of the Federal Deposit Insurance Corporation Improvement Act.

Currently, non-public banks with less than $500 million in assets are not subject to annual independent audit and internal control reporting requirements.

“We believe that the adoption of the proposal as a final rule will provide immediate, much needed relief for many overburdened community banks,” ACB said in its comment letter.

The proposal would relieve small banks from the “onerous management report on the effectiveness of internal controls and the associated auditors’s attestation report,” ACB said. ACB also supported the parallel increase in the threshold for audit committee independence requirements. ACB urged the FDIC to make the increased threshold effective for banks reporting on a Sept. 30, 2005, fiscal year.

ACB began calling on the FDIC for a change in the threshold in September 2004, and specifically urged the FDIC in March to raise the threshold to $1 billion.

The comment letter is attached

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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