In this episode of S.R. Snodgrass’s podcast series, Lenore Seifer welcomes back Brendan Whalen, Audit and Assurance Principal. Together, they unpack the FDIC Improvement Act (FDICIA), its history, and the significant regulatory changes proposed in July 2025. Brendan explains how these updates could reduce compliance burdens for banks, what institutions should watch for in terms of timing, and the potential implications for internal controls, independence requirements, and HUD audits.
00:00 Introduction and Welcome
00:31 Background and History of FDICIA
02:20 Overview of Compliance Thresholds ($500M, $1B, $3B)
04:00 Evolution of Internal Controls over Financial Reporting (ICFR)
05:45 Proposed Changes to Asset Size Thresholds
07:26 What the Updates Mean for Community Banks
09:00 Independence Requirements and Management Burden
11:00 Likelihood and Timing of Implementation
13:00 Effective Dates and Prospective Compliance
14:20 Recommendations for Banks by Asset Size
16:00 Additional Relief from HUD Audit Requirements
17:30 Risks, Negatives, and Safe Risk Management Practices
18:45 Outdated Thresholds and Why Change is Needed
20:00 Planning with Audit Committees and External Auditors
21:40 Key Dates and Next Steps for Banks
22:30 Closing Remarks and Contact Information
For more information or expert assistance, please connect with Brendan through the S.R. Snodgrass website or LinkedIn.
Website: https://www.srsnodgrass.com/
LinkedIn: https://www.linkedin.com/company/srsnodgrass
