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With federal and state regulators encouraging banks and credit unions to support customers during the coronavirus pandemic, agencies have in turn relaxed some of the filing deadlines for financial institutions.

The FDIC announced on Friday that banks could have a 45-day extension on filing annual audit reports (Part 363) for institutions with assets over $500 million. The report is normally due either 90 or 120 days after the end of the institution’s fiscal year, depending on the institution.

“The FDIC understands that [insured depository institutions] may need additional time to submit their annual reports in light of staffing priorities and disruptions caused by the Coronavirus Disease 2019,” the FDIC said in a statement announcing the extensions.

Also last week, the FDIC announced a 30-day grace period for submitting the quarterly call report, which would normally be due by April 30.

The Consumer Financial Protection Bureau in a statement on March 26 said it would not expect expect quarterly information reporting by certain mortgage lenders as required under the Home Mortgage Disclosure Act (HMDA) and Regulation C.

“During this time, entities should continue collecting and recording HMDA data in anticipation of making annual submissions,” the CFPB said. “The Bureau will provide information on when and how institutions will be expected to commence what would have been new quarterly HMDA data submissions.”

The Massachusetts Division of Banks is also extending deadlines for reporting, including a 60-day extension on submitting certain annual reports, including the 2019 loan servicer report.

Anyone planning to take license exams between March 18 and May 31 will also get an extension, the DOB said. With the Prometric test center closed, the DOB is also extending the enrollment window by 180 days or offering refunds on a case by case basis.

Banks Get Extension to File Annual, Quarterly Call Reports

by Banker & Tradesman time to read: 1 min
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