OCC to give partial assessment refunds to banks leaving by first or third quarterly call report

A final rule to provide partial assessment refunds to banks that exit the jurisdiction of the Office of the Comptroller of the Currency (OCC) by the day after the date of their first or third quarterly call report is slated for publication Wednesday in the Federal Register.

The previous version of the rule required that banks that exit the jurisdiction of the OCC within the first half of each six-month period beginning the day after the date of the second or fourth quarterly call report are subject to the full assessment for the next six-month period beginning January 1 or July 1. Under the final rule, a bank subject to the jurisdiction of the OCC as of Dec. 31, the date of the fourth quarterly call report, would receive a refund of assessments for the second three months of the semiannual assessment period beginning Jan. 1 if it leaves the OCC’s jurisdiction by March 31, the date of the first quarterly call report, according to the final rule summary.

The OCC’s proposed rule appeared in the Federal Register in March. The final rule takes effect 30 days after publication in the Register, which would be about Sept. 20. Other technical amendments are included without substantive change, the notice states.

Federal Register notice

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