22 Jun OCC 2020 Assessments Reduction

June 22, 2020 – The OCC approved an interim final rule that will reduce assessments due to be paid to the OCC on September 30, 2020, in response to national emergency due to the COVID-19 pandemic.

Interim Final Rule Highlights

Assessments are due September 30, 2020 – will be calculated using December 31, 2019, Consolidated Reports of Condition, Income for each institution, rather than June 30, 2020 reports.

If a bank’s assets as reported on the June 30, 2020 call report are lower than on its
December 31, 2019 report, the OCC will calculate assessment due using the June 30 call report.

The use of this methodology ensures that all banks pay the lower of the two options. This one-time change follows a 10% reduction in the general assessment fee schedule
implemented in the 2019 assessment year, and an additional 10% reduction for 2020.

Effectiveness

Interim final rule effective upon publication in the Federal Register through October 15, 2020. Comments Due July 24, 2020.

Client Impact:

Lower assessments for OCC-chartered banks

For more information, visit www.occ.gov