Banking regulators on Thursday issued interim final rules to enable depository institutions with less than $3 billion in total assets to qualify for an extended examination cycle.

Before the passage of the recent regulatory relief law, only banks with less than $1 billion in assets benefited from an 18-month exam period, rather than a 12-month period.

But the new rules released by the Federal Deposit Insurance Corp., Federal Reserve Board and Office of the Comptroller of the Currency implement a provision of the new law that raised the asset threshold, making more banks eligible. The rules also implement a parallel reform for U.S. branches and agencies of foreign banks.

The rules are another step in the agencies' work to apply the bipartisan bill negotiated by Senate Banking Committee Chairman Mike Crapo, R-Idaho, that President Donald Trump signed into law in May.

Read more in American Banker.