# FDIC FIL-108-2006: Elimination of Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks (FFIEC 004) > Federal · Agency guidance · Superseded URL: https://www.frixlaw.com/law-library/statutes/FDIC_FIL06108 ## Section - **Citation:** FDIC FIL-108-2006 - **Heading:** Elimination of Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks (FFIEC 004) - **Jurisdiction:** Federal - **Kind:** Agency guidance - **Status:** Superseded - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** FDIC Financial Institution Letters / Elimination of Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks (FFIEC 004) ## Text Elimination of Annual Report on Indebtedness of Executive Officers and Principal Shareholders to Correspondent Banks (FFIEC 004) Miscellaneous December 18, 2006 Share on Facebook Share on X Share on X Follow the FDIC on LinkedIn Share through email Print 3501 Fairfax Drive - Room D8073a - Arlington, VA 22226-3550 - (703) 516-5588 - FAX (703) 562-6446 - http://www.ffiec.gov Section 601 of the Financial Services Regulatory Relief Act of 2006 (Relief Act) removed several statutory reporting requirements relating to insider lending by insured banks and savings associations (institutions). One of these amendments, which became effective on October 13, 2006, eliminated the statutory requirement that an executive officer or principal shareholder of an institution file an annual report with the institution’s board of directors during any year in which the officer or shareholder, or a related interest of the officer or shareholder, has an outstanding extension of credit from any of the institution’s correspondent banks. In previous years, the Federal Financial Institutions Examination Council (FFIEC) distributed a copy of the FFIEC 004 report to institutions for use by their executive officers and principal shareholders in complying with the annual reporting requirements pertaining to extensions of credit from correspondent banks. Because the Relief Act has eliminated the specific statutory reporting requirement for this information, the federal banking agencies will no longer require executive officers and principal shareholders to submit an annual report on indebtedness to correspondent banks to their boards of directors. Accordingly, the FFIEC 004 report is being discontinued and, to the extent appropriate, the agencies are amending their regulations to eliminate the statutory reporting requirement. These regulations are found in 12 CFR Part 215 for member banks, 12 CFR Part 349 for insured state nonmember banks, 12 CFR Part 31 for national banks, and 12 CFR 563.43 for savings associations eir boards of directors. Accordingly, the FFIEC 004 report is being discontinued and, to the extent appropriate, the agencies are amending their regulations to eliminate the statutory reporting requirement. These regulations are found in 12 CFR Part 215 for member banks, 12 CFR Part 349 for insured state nonmember banks, 12 CFR Part 31 for national banks, and 12 CFR 563.43 for savings associations. Institutions and their insiders should note that Section 601 of the Relief Act does not alter the substantive restrictions on loans made to executive officers and principal shareholders of banks and savings associations by their correspondent banks set forth in 12 U.S.C. 1972(2). Moreover, the elimination of these reporting requirements does not limit the authority of the appropriate federal banking agency to take enforcement action against an institution or its insiders for violations of these insider lending restrictions. For further information, state member banks should contact their Federal Reserve District Bank, insured state nonmember banks should contact their Federal Deposit Insurance Corporation Regional Office, national banks should contact their Office of the Comptroller of the Currency District Office, and savings associations should contact their Office of Thrift Supervision Regional Office. Tamara J. Wiseman Executive Secretary FIL-108-2006 ## Nearby sections - [FDIC FIL-1-2002 FOREIGN ASSETS CONTROL ACT](https://www.frixlaw.com/law-library/statutes/FDIC_FIL02001.md) - [FDIC FIL-1-2010 Employee Compensation Advance Notice of Proposed Rulemaking](https://www.frixlaw.com/law-library/statutes/FDIC_FIL10001.md) - [FDIC FIL-1-2015 DEPOSITORY INSTITUTION REPORTS](https://www.frixlaw.com/law-library/statutes/FDIC_FIL15001.md) - [FDIC FIL-1-2018 DEPOSITORY INSTITUTION REPORTS](https://www.frixlaw.com/law-library/statutes/FDIC_FIL18001.md) - [FDIC FIL-1-2024 Consolidated Reports of Condition and Income for Fourth Quarter 2023](https://www.frixlaw.com/law-library/statutes/FDIC_FIL24001.md) - [FDIC FIL-2-2019 DEPOSITORY INSTITUTION REPORTS](https://www.frixlaw.com/law-library/statutes/FDIC_FIL19002.md) - [FDIC FIL-2-2020 Consolidated Reports of Condition and Income for Fourth Quarter 2019](https://www.frixlaw.com/law-library/statutes/FDIC_FIL20002.md) - [FDIC FIL-3-2017 Community Banking Conference 2016 Highlights](https://www.frixlaw.com/law-library/statutes/FDIC_FIL17003.md) - [FDIC FIL-4-2015 The FDIC Launches Web Page to Support Marketing of Failing Financial Institutions](https://www.frixlaw.com/law-library/statutes/FDIC_FIL15004.md) - [FDIC FIL-4-2018 Revisions to the Consolidated Reports of Condition and Income (Call Report) for March and June 2018](https://www.frixlaw.com/law-library/statutes/FDIC_FIL18004.md) - [FDIC FIL-4-2019 Banker Webinar: Update on the Standardized Export of Imaged Loan Documents Initiative](https://www.frixlaw.com/law-library/statutes/FDIC_FIL19004.md) - [FDIC FIL-4-2021 Revised Guidelines for Appeals of Material Supervisory Determinations](https://www.frixlaw.com/law-library/statutes/FDIC_FIL21004.md) - [FDIC FIL-4-2023 Guidance to Help Financial Institutions and Facilitate Recovery in Areas of California Affected by Severe Winter Storms, Flooding, Landslides and Mudslides](https://www.frixlaw.com/law-library/statutes/FDIC_FIL23004.md) - [FDIC FIL-4-2025 FDIC Statement of Policy on Bank Merger Transactions](https://www.frixlaw.com/law-library/statutes/FDIC_FIL25004.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/FDIC_FIL06108. 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