FDICIA readiness guide for $500M banks
A guide to navigating new compliance requirements
As your bank approaches the $500 million asset threshold, FDICIA compliance becomes a new and pressing priority. What changes at this stage? More than many institutions realize — from how your audit must be conducted to who can sit on your audit committee.
Wipfli’s FDICIA readiness guide for $500M banks outlines exactly what’s required once you cross the threshold, when those requirements take effect, and how to prepare without disruption. Whether you’re a few quarters away or planning years ahead, this guide will help you get started with clarity and confidence.
What you’ll learn
- The specific compliance requirements triggered at the $500M mark
- What makes an audit firm independent under FDICIA rules
- Why your current CPA may no longer be eligible
- How to build an audit committee that meets regulatory expectations
- A step-by-step timeline and checklist to guide your transition
Why it matters
Once your assets exceed $500 million at the start of a fiscal year, FDICIA Part 363 kicks in — and the clock starts ticking. These rules require:
- A fully independent audit of your comparative financials
- A majority-independent audit committee
- Clear separation between audit and advisory services
- Attestations from your CEO and CFO regarding accuracy
Don’t let compliance surprises disrupt your operations. Our guide helps you prepare early and avoid common pitfalls.
