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Tuesday, May 22, 2012

Treasury Assessment Fee Rules to Fund OFR

The Treasury has issued a final rule and interim final rule to implement Section 155 of the Dodd-Frank Act which directs Treasury to establish an assessment schedule for bank holding companies with total consolidated assets of $50 billion or greater and nonbank financial companies supervised by the Federal Reserve to collect assessments equal to the total expenses of the Office of Financial Research (OFR).

Included in OFR’s expenses are expenses of the Financial Stability Oversight Council (FSOC), under Section 118, and certain expenses of the FDIC, under Section 210 of the Dodd-Frank Act.

The assessment schedule for bank holding companies is issued as a final rule. The assessments for nonbank financial companies is issued as an interim final rule.

The rules will allow Treasury to collect semiannual assessment fees from these companies beginning on July 20, 2012.

The final rule will be effective July 20, 2012.
The interim final rule will be effective July 20, 2012.
Comment relating to the nonbank interim final rule are due by September 18, 2012.

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