A flash poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) indicates more than 40 percent of banking institutions that must adhere to the Federal Deposit Insurance Corporation Improvement Act (FDICIA) within the next year are behind schedule to become compliant. Financial institutions that exceed $1 billion in asset level as measured on Jan. 1 of any given year must comply with FDICIA that specific year.
“These results show the need for institutions to start FDICIA compliance preparation at least 18 months to two years prior to reaching the $1 billion threshold”, Sherrie Krowczyk-Mendoza, CPA, CFSA, CFIRS, CRP, partner in Baker Tilly’s financial services risk, internal audit and cybersecurity…
