OCC-Higher & Hiring
The Office of the Comptroller of the Currency is planning on increasing its assessments on national banks. Two 15% increases would be implemented with the first 15% increase being effective July 31, 1992, and the second 15% in January, 1993.
This means a financial institution with $100 million in assets remitted $15,612 in January 1992, and will owe $20,151 in July, 1992 and another $20,756 in January 1993.
OCC says the higher rate is necessary because of increased costs to the OCC brought on by the 1991 FDIC Improvement Act. This Act requires OCC to conduct annual examinations of all national banks. In order to accomplish these examinations annually, OCC expects to hire 300 additional examiners in 1992 and another 300 in 1993.
Copyright © 1992 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 3, No. 2, 5/92