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Assessments

FDIC · final-rule · Published 1999-12-16 · Effective 2000-04-01 · 64 FR 70178

Document

Document number
99-32587
Federal Register citation
64 FR 70178
CFR reference
12 CFR 327
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Deposit Insurance Corporation
Publication date
1999-12-16
Effective date
2000-04-01

Abstract

The Board of Directors of the FDIC (Board) is amending its regulation governing assessments to change the reporting date used to determine the capital component of the assessment risk classifications assigned by the FDIC to insured depository institutions. This change moves that date closer by one calendar quarter to the semiannual assessment period for which the capital component is assigned, and it permits the FDIC to use more up-to-date information in determining institutions' assessment risk classifications. The new date coincides with the date currently used to determine the supervisory component of the assessment risk classification. To permit the use of more current capital information, the Board is further amending the assessments regulation to shorten from 30 days to 15 days the prior notice the FDIC sends to institutions advising them of their assessment risk classifications for the following semiannual assessment period. The Board is adopting the same reduction for the invoice sent by the FDIC each quarter showing the amount of the assessment payment due for the next quarterly collection. At the other end of the process, the Board is increasing from 30 days to 90 days the time within which an institution may request review of its assessment risk classification. Additionally, to reflect a shift of certain assessment functions within the FDIC, the Board is revising two of the references to FDIC offices in the regulation. Also, as proposed, the amendment corrects a typographical error in the form of a misstated cross-reference to another FDIC regulation. Finally, in response to concerns raised by comments that the FDIC received on the proposal, the final rule is additionally amended to increase from 15 to 30 days the time between announcement of limited changes in deposit insurance rates and the date of the assessment notice sent to insured institutions by the FDIC.

Source

Authoritative
Federal Register document
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