TO THE OFFICER IN CHARGE OF SUPERVISION AT EACH FEDERAL RESERVE BANK
The Federal Reserve's recent review of examination and
supervisory policies and procedures has resulted in several
recommendations being submitted to Division management at the
Board for consideration. These recommendations for strengthening
our existing policies and procedures have been formulated by
working groups consisting of Reserve Bank and Board staff, and
subsequently agreed upon by Reserve Bank senior management. It is
based on the findings of this working group that the Director has
determined that the adoption of a standard for the timely
completion of examination and inspection reports is appropriate.
Effective immediately, examination and inspection reports
issued by the Federal Reserve must be completed and mailed within
a maximum of 60 calendar days, commencing with the day following
the examiner's exit meeting. This standard applies to reports for
all banks and holding companies, regardless of the complexity of
the organization. Additionally, for institutions rated 3, 4, or 5
Reserve Banks are encouraged to adopt an internal target of 45
calendar days for processing and mailing reports. In cases where
reports are issued jointly with other agencies, this standard may
be extended at the discretion of senior management at the Reserve
Bank.
Should you have any questions regarding the policy outlined
here, please call Steve Lovette at (202) 452-3622.
Deputy Director |
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