SEC Final Rule Modernizes Statistical Disclosures For Banking Registrants

On September 11, 2020, the Securities and Exchange Commission (SEC) issued a final rule that substantially updates and expands statistical disclosure requirements for bank and savings and loan registrants that are currently set forth in the SEC's Industry Guide 3 (Guide 3). This marks the first time in over 30 years that the SEC has substantively revisited the statistical disclosures required of depositary institution and depositary holding company registrants. Notably, the final rule codifies the updated disclosure requirements in the new Subpart 1400 of Regulation S-K (Subpart 1400) and will rescind Guide 3.

The final rule generally became effective November 16, 2020 and will apply to fiscal years ending on or after December 15, 2021. Voluntary compliance with the final rule (but only in whole and not in part) will be accepted in advance of this applicability date, creating an imminent 2021-reporting-cycle decision point for depositary institution and depositary