FOR IMMEDIATE RELEASE
July 9, 2014
Contact: Bryan Hubbard
OCC Increases Assessments for National Banks and Federal Savings Associations with Total Assets of More Than $40 Billion
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today published a final rule in the Federal Register that raises assessments on national banks and federal savings associations (FSAs) with total assets over $40 billion.
The rule will become effective on August 8, 2014.
Under the final rule, the marginal assessment rate for national banks and FSAs with more than $40 billion in assets will increase by 14.5 percent beginning September 30, 2014. The increase in assessments will range from 0.32 percent to 14 percent, depending on the total assets of the institution as reflected on its June 30, 2014, Consolidated Report of Condition and Income. The average increase in assessments for affected banks and FSAs will be 12 percent. The final rule does not increase assessment rates for banks and FSAs with $40 billion or less in total assets.
The increase in assessments for banks and FSAs with more than $40 billion in assets reflects new supervisory and regulatory initiatives. Many of these new obligations require additional resources, with most of those resources allotted for large bank supervision and regulation. The increase for large banks and FSAs also reflects the fact the OCC did not raise marginal rates on the assets of institutions it supervised in excess of $40 billion between 1995 and 2013. In addition, the OCC lowered marginal rates on large banks in 2008 when the OCC added a new asset bracket for assets in excess of $250 billion.
The final rule makes a conforming amendment to 12 C.F.R. part 8 to make it consistent with the proposed increase in assessments. The final rule also amends part 8 to add a reference to section 318 of the Dodd-Frank Act, which reaffirmed the Comptroller’s broad discretion to set assessments and to determine the assessment methodology. In addition, the final rule updates 12 C.F.R. 8.8 to reflect the current title of the Notice of Fees and Assessments.
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