OCC Increases Assessments for National Banks and FSAs with Assets over $40 Billion (Fed. Reg.)

The Office of the Comptroller of the Currency ("OCC") published a final rule in the Federal Register that raises assessments on national banks and federal savings associations ("FSAs") with total assets over $40 billion.

Under the rule, the marginal assessment rate for affected national banks and FSAs will increase by 14.5 percent beginning on September 30, 2014. The increase in assessments will range from 0.32 percent to 14 percent, depending on the total assets of the institution, as reflected on its June 30, 2014 Consolidated Report of Condition and Income. The average increase in assessments for affected banks and FSAs will be 12 percent.

The rule will become effective on August 8, 2014.

See: OCC Press Release.