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FDIC Board Proposes Implementation of Dodd Frank Assessment Changes

Date: 10 November 2010

Source: FDIC Website

The Federal Deposit and Insurance Corporation (FDIC) have approved two new proposals to be incorporated into the Dodd Frank bill. The first is a proposal to change the assessment base criteria which is currently based upon domestic deposits to one based on assets. Secondly the board has proposed changes in the ‘deposit assessment system for large institutions given Dodd-Frank’s changes to the assessment base.’  These new proposals are likely to increase the current base, as a result the FDIC has also proposed lower assessment rates so as to maintain a similar level of revenue collected from the industry. This new proposal replaces one that was submitted earlier this year by the FDIC on 13 April 2010, and is scheduled to be incorporated into the ‘assessment system as of 1 April 2011.’

 

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