FSOC Proposed Rule: Assessment of Fees on Large Bank Holding Companies and Nonbank Financial Companies Supervised by the Federal Reserve Board to Cover the Expenses of the Financial Research Fund

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On December 29, 2011 the U.S. Treasury Department proposed a rule to assess a fee on large banks and financial institutions to cover the expenses of the Office of Financial Research (OFR) and Financial Stability Oversight Council (FSOC), two entities created by Title I of the Dodd-Frank Act. The fees would also cover certain expenses incurred by the Federal Deposit Insurance Corporation (FDIC). Under the proposal, bank holding companies with at least $50 billion in assets and foreign banks with at least $50 billion in assets in the U.S. would be assessed a semiannual fee, the size of which has yet to be determined. Large nonbank financial companies under FSOC oversight, as defined by a rule proposed on October 11, 2011, would also be assessed the fee.[1]

The assessment rate will be set by June 2012, and the first payment due date will be July 20. A public comment period will be open for 60 days.[2]

References

  1. FSOC Proposes Dodd-Frank Rule on Assessments for Treasury. Business Week. Retrieved on December 29, 2011.
  2. Assessment of Fees on Large Bank Holding Companies and Nonbank Financial Companies Supervised by the Federal Reserve Board to Cover the Expenses of the Financial Research Fund. {{{org}}}. Retrieved on December 29, 2011.

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