Alert February 26, 2008

OCC Lowers Assessment Fees and Creates Two New Assessment Brackets

The OCC issued an interim final rule (the “Rule”) that lowers the OCC’s aggregate fees by approximately 2.5% and adds two new asset-size categories to the assessment schedule.  The former top bracket of national banks with assets of $40 billion and above has been replaced with a bracket of banks with total assets between $40 billion and $250 billion, and a new top category has been established for banks with total assets in excess of $250 billion.  The Rule reduces the premium rates in each assessment bracket. 

The fee structure for independent trust banks and independent credit card banks, however, is unchanged by the Rule.  The OCC will also continue to impose a surcharge on the fees for banks that require heightened supervision because of poor supervisory ratings.  The Rule became effective February 19, 2008 (and affects assessment fees starting March 31, 2008), but comments will be accepted through March 20, 2008.