Rates in all fee schedules will fall by 10% in 2020 for the regulator of national banks, the result of what the agency said Monday is better operating efficiencies over the past few years.
In a release, the Office of the Comptroller of the Currency (OCC) noted that the 2020 cut in fees follows a 10% reduction in fees in 2019.
Despite the fee cuts, the OCC said, the agency said the 2020 rate schedule will still give it the resources it needs to “recruit, train, and retain the talent and experience necessary to perform its important mission and continue to invest in initiatives that ultimately improve the function of this agency and the safety and soundness of the federal banking system.”
The reduced fees go into effect Jan. 1, 2020, and will be reflected in assessments paid on March 31 and Sept. 30, 2020. The fee schedule applies to national banks, federal savings associations, and federal branches and agencies of foreign banks.
According to the OCC, there will be no inflation adjustment to assessment rates for the 2020 assessment year.
In addition, the agency said it has revised the assessments policy for institutions that enter the federal banking system in the time between assessment cycles. “Under the new policy, the OCC will assess these new entrants to the federal charter on a prorated basis using Call Report information as of December 31 or June 30 depending on the date the institution enters the federal banking system,” the OCC said in a bulletin. “The OCC is adopting this revised policy to ensure that supervisory efforts and resources are allocated and aligned once an institution is subject to the jurisdiction of the OCC. This revision is in line with the OCC’s refund policy for institutions that leave the federal banking system.”
However, the agency also noted that is increasing hourly fees for special examinations and investigations to $140 from $110. “The increase is to ensure adequacy in recovering the cost of conducting special examinations and investigations,” the OCC said.