OCC Announces Final Rule On Assessment Rate Increase

On August 11,2014, the Office of the Comptroller of the Currency ("OCC") announced the adoption of a final rule that increases the OCC's semiannual assessment on national banks and federal savings associations (collectively, "banks") with more than $40 billion in assets. The final rule raises the marginal assessment rate on bank assets in excess of $40 billion by 14.5%. For individual banks, the effective increase in the assessment rate varies with the total assets held by the banks, with increases ranging from between 0.32% and 14%. The increase in rates is effective for the assessment due on September 30, 2014.

The full text of the final rule is available at: http://www.occ.gov/news-issuances/federal-register/79fr38769.pdf.