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B-334746 Nov 07, 2022 1 (2022-11-07)

handle is hein.gao/gaonwa0001 and id is 1 raw text is: G ~s U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-334746 November 7, 2022 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Federal Deposit Insurance Corporation: Assessments, Revised Deposit Insurance Assessment Rates Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Federal Deposit Insurance Corporation (FDIC) entitled Assessments, Amendments to Incorporate Troubled Debt Restructuring Accounting Standards Update (RIN: 3064-AF85). We received the rule on October 25, 2022. It was published in the Federal Register as a final rule on October 24, 2022. 87 Fed. Reg. 64348. The effective date is January 1, 2023. According to FDIC, the final rule incorporates updated accounting standards in the risk-based deposit insurance assessment system applicable to all large insured depository institutions (IDIs), including highly complex IDIs. FDIC stated it calculates deposit insurance assessment rates for large and highly complex IDIs based on supervisory ratings and financial measures, including the underperforming assets ratio and the higher-risk assets ratio, both of which are determined, in part, using restructured loans or troubled debt restructurings (TDRs). FDIC further stated the final rule includes modifications to borrowers experiencing financial difficulty, an accounting term recently introduced by the Financial Accounting Standards Board to replace TDRs, in the underperforming assets ratio and higher-risk assets ratio for purposes of deposit insurance assessments. Enclosed is our assessment of FDIC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the

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