OCC Proposes Increase In Assessments For National Banks And Federal Savings Associations With Total Assets Of More Than $40 Billion

On 28 April 2014, the US Office of the Comptroller of the Currency ("OCC") published a notice of proposed rulemaking in the Federal Register seeking comment on a proposal to raise assessments on national banks and federal savings associations with total assets over $40 billion.

Under the proposal, the marginal assessment rate for national banks and federal savings associations ("FSAs") with more than $40 billion in assets would increase by 14.5 percent beginning 30 September 2014. The increase in assessments would range from 0.32 percent to 14 percent, depending on the total assets of the institution as reflected on its 30 June 30 2014 Consolidated Report of Condition and Income. The average increase in assessments for affected banks and FSAs would be 12 percent. The proposal would not increase assessment rates for banks and FSAs with $40 billion or less in total assets.

Comments on the notice are requested by 12 June 2014. The proposal also requests comment on a conforming amendment to 12 C.F.R. part 8 to make...