Temporary Asset-Based Relief Interim Final Rule Summary
This tool summarizes the agencies’ Interim Final Rule temporarily providing relief from regulations and reporting requirements based on certain asset thresholds for community banks. The following are the key takeaways of the rule:
- Through December 31, 2021, a community bank can in determining the applicability of certain regulations and reporting requirements that are based on certain asset thresholds use asset data as of December 31, 2019 if the calculations are less than they would be when normally calculated .
- The interim final rule regarding regulatory relief applies only to banks with $10 billion or less in assets as of December 31, 2019.
- Generally, if a community bank’s assets are below the applicable threshold as of December 31, 2019, it would not be subject to the given regulation’s requirement until 2022 at the earliest.
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