Removal, Suspension, and Debarment of Accountants From Performing Audit Services

DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Part 19 [Docket No. 02-15] RIN 1557-AB43 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 12 CFR Part 263 [Docket No. R-1139] FEDERAL DEPOSIT INSURANCE CORPORATION 12 CFR 308 RIN 3064-AC57 DEPARTMENT OF THE TREASURY Office of Thrift Supervision 12 CFR Part 513 [Docket No. 2002-58] RIN Removal, Suspension, and Debarment of Accountants From Performing Audit Services AGENCIES: Office of the Comptroller of the Currency (OCC), Treasury; Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); and Office of Thrift Supervision (OTS), Treasury. ACTION: Joint notice of proposed rulemaking. SUMMARY: The OCC, Board, FDIC, and OTS (each an Agency, and collectively, the Agencies) propose to revise their respective rules of practice pursuant to section 36 of the Federal Deposit Insurance Act (FDIA) (12 U.S.C. 1831m). Section 36, as implemented by 12 CFR part 363, requires that each insured depository institution with total assets of $500 million or more produce an annual report containing the institution's financial statements and certain management assessments. The depository institution must provide the report to the FDIC, the appropriate Federal banking agency, and any appropriate state bank supervisor. Section 36 also requires that the depository institution obtain an audit of its financial statements ...