OCC Revises the Process of Semiannual Assessments on National Banks

WASHINGTON — The Office of the Comptroller of the Currency (OCC) published on its Website today its annual notice of fees that incorporates an amendment to the timing of payments of OCC assessments by national banks. The OCC, rather than each national bank, will calculate and draft the semiannual assessment from either the Federal Reserve account or Federal Home Loan Bank account based on the most recent call report. The fee will be due by March 31 and September 30, two months later than the current due date.

This change streamlines the assessment process and reduces regulatory burden which existed when national banks made the initial calculation of assessments.

An interim final rule with a request for comment about this change was published in the Federal Register on November 17.

See notice at OCC Bulletin 2005-40.