OCC Proposes to Increase Assessments for Large National Banks and Federal Savings Associations; Leaves Assessments for All Other Institutions Unchanged

The OCC proposed to increase assessments for national banks and federal savings associations with assets of more than $40 billion.  The proposal would not increase assessments for national banks and federal savings associations with $40 billion or less in assets.  The proposed increase for such large institutions would range between 0.32 percent and 14 percent, depending on the institution’s total assets, with an average projected increase of 12 percent.  The OCC said that there are currently 25 institutions with assets of more than $40 billion which would be affected by this proposal.

Comments on the proposed assessment increase must be received by June 12, 2014.

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Topics:  Banks, Federal Savings Associations, Nonbank Firms, OCC

Published In: Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Goodwin Procter LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »