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Financial Institution Letter

Deposit Insurance Assessments Final Rule on Late Assessment Penalties

November 9, 2006
Notes
 


Summary: The FDIC Board of Directors has approved the attached final rule to implement the Late Assessment Penalties provisions of the Federal Deposit Insurance Reform Act of 2005. The final rule takes effect on January 1, 2007.

Highlights:

The Federal Deposit Insurance Reform Act of 2005 changed the Federal Deposit Insurance Act provisions for failing to timely pay assessments.
  • An institution that fails to timely pay its assessment is subject to a penalty of not more than 1 percent of the late assessment amount due for each day that the assessment is unpaid.
  • For late assessment payments less than $10,000, a penalty of not more than $100 may be imposed for each day the assessment is unpaid.
  • The FDIC, in its sole discretion, may compromise or modify a late assessment penalty upon finding that good cause prevented timely payment.

Distribution:
All FDIC-insured Institutions

Suggested Routing:
Chief Executive Office
President
Chief Financial Officer

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2006/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html .

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).


Additional Related Topics:

  • FDIC Rules of Practice and Procedure, 12 CFR 308, Subpart H
FIL-97-2006
Attachment(s)
Final Rule

Last Updated: November 9, 2006