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BOARD OF GOVERNORS

OF THE

FEDERAL RESERVE SYSTEM

WASHINGTON, D.C. 20551 

DIVISION OF SUPERVISION 

AND REGULATION

SR 17-12 

October 26, 2017 

Revised December 6, 2021 

On December 6, 2021 this letter was revised to modify its applicability. This letter applies to the 

supervision of domestic institutions supervised by the Federal Reserve that are in the regional banking 

organization supervisory portfolio, which include firms with total consolidated assets of $10 billion or 

more and less than $100 billion. 

TO THE OFFICER IN CHARGE OF SUPERVISION

AT EACH FEDERAL RESERVE BANK

SUBJECT: Timing Expectations for the Completion of Safety-and-Soundness Examination and 

Inspection Reports for Regional Banking Organizations

Applicability: This guidance only applies to domestic financial institutions supervised by the Federal 

Reserve that are in the regional banking organization supervisory portfolio, which includes firms with 

total consolidated assets of $10 billion or more and less than $100 billion. 

This letter sets forth timing expectations for the completion of safety-and-soundness 

examination and inspection reports for domestic financial institutions that are in the regional banking 

organization supervisory portfolio and the submission of the reports to the institutions. These 

standards apply to examination and inspection reports for domestic institutions supervised by the 

Federal Reserve with total consolidated assets of $10 billion or more and less than$100 billion, 

including state member banks, bank holding companies, and their subsidiary Edge Act and agreement 

corporations, and savings and loan holding companies. Effective immediately, Federal Reserve 

supervisory staff should complete and send safety-and-soundness examination and inspection reports1

issued by the Federal Reserve to the institution within the following timeframes: 

1 Examples of safety and soundness examination and inspection reports include, but are not limited to, full scope 

examination and inspection reports, target letters, roll-up examination and inspection letters, and specialty examination 

reports.
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• 90 calendar days from the start date2 for all reports issued to noncomplex holding 

companies;3 and, 

• 100 calendar days from the start date for all reports issued to state member banks, 

complex holding companies, and their nonbank and Edge Act subsidiaries. 

In cases when reports are subject to statutory requirements for review by the Consumer 

Financial Protection Bureau (CFPB),4

 Reserve Banks may add up to 30 calendar days to the above

standards. Reserve Banks may exceed the timing requirements included in this letter at the discretion 

of Reserve Bank senior management; however, deviations from these standards are expected to be rare, 

and should be appropriately documented in workpapers. At the discretion of senior Reserve Bank 

management, additional exemptions from these timeframe guidelines may be considered for Federal 

Reserve led examinations that are conducted jointly or concurrently with another insured depository 

institution regulator.

The Federal Reserve is committed to ensuring timely communication of supervisory findings. 

As part of each Reserve Bank’s continuous supervision process, Reserve Banks should maintain open 

communication with institution management particularly during examinations and inspections. Open 

communication allows an opportunity for the institution’s management to respond to preliminary 

supervisory findings prior to a Reserve Bank finalizing such findings. 

Reserve Banks are asked to distribute this letter to domestic financial institutions in the regional 

banking organization supervisory portfolio, to appropriate safety-and-soundness examiners, and other 

supervisory staff. Questions regarding this letter may be sent via the Board’s public website.5

Michael S. Gibson

Director

Division of Supervision and Regulation

2 The start date is the date that Reserve Bank examiners and supervisory staff commence the commercial examination and 

inspection work, either offsite or onsite, excluding pre-examination visitations and examination preparation.

3 The Federal Reserve determines the complexity of holding companies by considering such factors as the extent of 

intercompany transactions between affiliates, significance of nonbank activities, and the degree of leverage at the holding 

company. Companies are also generally considered complex if a company controls more than one insured depository 

institution and when material risk management processes for the organization are consolidated at the parent company.

4 See sections 1022, 1024, and 1025 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. For more 

information on the coordination of supervisory activities with the CFPB, see also the “Memorandum of Understanding on 

Supervisory Coordination” attached to the June 4, 2012 joint press release at: 

http://www.federalreserve.gov/newsevents/press/bcreg/20120604a.htm.

5 See http://www.federalreserve.gov/apps/contactus/feedback.aspx.