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Financial Services Law Insights and Observations

OCC amends 2020 assessment structure

Federal Issues Covid-19 OCC Fees Assessments

Federal Issues

On August 7, the OCC released an amended fees and assessments structure for 2020 due to the Covid-19 pandemic. The announcement includes information on the OCC’s interim final rule (covered by InfoBytes here), which intended to lower assessments for supervised banks making assessments due on September 30 based on the December 31, 2019 Call Report for each institution, rather than the June 30 Call Report. Additionally, the OCC notes that for the 2020 assessment year, among other things, (i) there will be no inflation adjustment to assessment rates; (ii) new entrants to the federal banking system will be assessed on a prorated basis using call report information as of December 31 or June 30, depending on the entrance date; and (iii) the hourly fee for special examinations and investigations is increasing from $110 to $140.