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Changes to OCC’s Assessment of Fees Regulation
(12 CFR 8)
Background
The Office of the Comptroller of the Currency (OCC) assesses each national bank fees, payable semiannually, to cover the costs of supervision and regulation of national banks. The amount of the assessment is based on the bank’s asset size, with a surcharge for banks rated a 3, 4, or 5. Annually, the OCC adjusts the assessment rate based on changes to the Gross Domestic Product Implicit Price Deflator.
Changes in Timing of Payments
2006 and subsequent year semiannual payments by national banks of assessment fees will be due on March 31 (instead of January 31) and September 30 (instead of July 31). Each national bank will receive a notice of the amount due for each semiannual assessment at least 7 business days prior to each due date. The timing change takes effect in 2006.
Calculation of Assessment Payments
Instead of each national bank calculating the amount of its own assessment fees, the OCC will calculate the amount due for each bank, and automatically deduct that amount from the bank’s designated bank account on the due date. The amount due will be determined from the bank’s most recent Call Report data. Therefore, for the March 31, 2006 payment date, the calculation will be based on the December 31, 2005 Call report data and will cover the six month period beginning on January 1, 2006.
A national bank will be able to notify the OCC of any errors in the calculation or electronic transfer of the amount. The OCC will be required to respond to such notifications within 30 days of receipt. However, even if a national bank disputes the OCC’s calculation, it must pay the assessment and wait for the OCC’s response to the notice of error.
The reason for the change is the significant number of calculation errors that are typically made by national banks each year.
Technical Amendments
References to “District of Columbia banks” have been deleted from the regulation since the regulatory responsibility for D.C. banks has been shifted to the FDIC and the Federal Reserve Board.