Federal Reserve will collect $440M from financial institutions
Aug. 20, 2013 – The Federal Reserve issued a final rule requiring 70 institutions to pay a total of $440 million to cover the expanded supervision required by the Dodd-Frank Act.
According to Bloomberg, the 70 institutions will pay an average of $6.3 million for their 2012 assessment fees, although larger banks will pay more. The specific amounts will be determined in October. The assessments only apply to bank holding companies and savings and loans holding companies with $50 billion or more in assets, and nonbank financial companies specified by the Financial Stability Oversight Council. Insured credit unions are exempted from the scope of the rule.
Beginning next year, institutions within the scope of the rule will be alerted about their assessment fees in June and expected to pay the Treasury Department in September.