The Federal Reserve issued a final rule on Friday establishing annual assessment fees to large financial institutions to subsidize their supervision and regulation.
Under the Dodd-Frank Act, the Federal Reserve Board is required to collect assessment fees equal to the expenses associated with appropriate supervision and regulation of bank holding firms and savings and loan holding companies with $50 billion or more in assets, as well as nonbank firms designated for supervision by the Financial Stability Oversight Council.
Under the Fed’s final rule, each calendar year is an assessment period, and 2012 will be the first year for which assessment fees are collected. The Fed board will notify each company of its required assessment after the rule takes effect in October.
Payments for the 2012 assessment period will be due no later than Dec. 15. The Fed estimates that it will collect approximately $440 million from 70 firms for the 2012 assessment period.
Starting with the 2013 assessment period, the Fed will notify each company of its assessment fee no later than June 30 of the year following the assessment period, and payments will come due by Sept. 15.
The Fed plans to transfer the assessment fees collected from the firms to the U.S. Treasury.