Proposed fees on large banks would top $100 million annually
Proposed fees on large banks would top $100 million annually
The U.S. Treasury Department issued a proposed rule Thursday for determining fees to be paid by large financial institutions to cover the cost of the recently established financial-stability watchdog and other expenses related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, The Wall Street Journal reported.
The department plans to start collecting the semiannual fees in July 2012 from U.S. bank holding companies with at least $50 billion in total consolidated assets, foreign banks with at least that amount of assets in U.S. operations, as well as nonbank institutions that fall under the supervision of the Federal Reserve, according to the proposal.
Treasury officials expect the total amount of fees to top $100 million a year, though the actual amount of the initial assessment will depend on the amount of expenses included in the administration’s fiscal 2013 budget proposal, as well as the amount of assets each firm holds on Dec. 31, 2011, according to the proposed rule.
A bank with just over $50 billion in assets would pay $280,000 for the year, while the largest assessed bank, with about $2.3 trillion in assets, would pay an annual fee of about $12.5 million. The pool of assets that could be assessed was estimated at $18.1 trillion as of June 30, Treasury officials said.
The U.S. Treasury Department issued a proposed rule Thursday for determining fees to be paid by large financial institutions to cover the cost of the recently established financial-stability watchdog and other expenses related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, The Wall Street Journal reported.
The department plans to start collecting the semiannual fees in July 2012 from U.S. bank holding companies with at least $50 billion in total consolidated assets, foreign banks with at least that amount of assets in U.S. operations, as well as nonbank institutions that fall under the supervision of the Federal Reserve, according to the proposal.
Treasury officials expect the total amount of fees to top $100 million a year, though the actual amount of the initial assessment will depend on the amount of expenses included in the administration’s fiscal 2013 budget proposal, as well as the amount of assets each firm holds on Dec. 31, 2011, according to the proposed rule.
A bank with just over $50 billion in assets would pay $280,000 for the year, while the largest assessed bank, with about $2.3 trillion in assets, would pay an annual fee of about $12.5 million. The pool of assets that could be assessed was estimated at $18.1 trillion as of June 30, Treasury officials said.
Trending News
