OCC Reduces September 2020 Assessments in Response to COVID-19
The Office of the Comptroller of the Currency (OCC) is reducing assessments in response to the national health emergency related to COVID-19.
Assessments due on September 30, 2020, for all OCC-supervised banks will be calculated using the December 31, 2019, Call Report for each institution, rather than the June 30, 2020, Call Report. This change will result in lower assessments for most banks. However, if a bank’s assets as reported on the June 30, 2020, Call Report are lower than on the December 31, 2019, Call Report, the OCC will calculate the assessment due on September 30, 2020 using the June 30, 2020, Call Report.
The 2020 interim assessment reduction is in addition to the 10 percent reduction to all fee schedules implemented for calendar year 2020 and the 10 percent reduction in the General Assessment Fee Schedule rates that the OCC implemented for the 2019 calendar year. The reduction in rates reflects increased operating efficiencies that the agency has achieved over the last several years. While reduced, the 2020 assessment level provides resources necessary for the agency 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 interim reduction of assessments helps avoid penalizing banks for working with their customers throughout the pandemic, sometimes resulting in temporary increases in loans or deposits. The interim reduction of assessments goes into effect September 7, 2020, and will be reflected in assessments paid on September 30, 2020.