Department of the Treasury: Assessment of Fees on Large Bank Holding Companies and Nonbank Financial Companies Supervised by the Federal Reserve Board To Cover the Expenses of the Financial Research Fund
GAO-12-853R: Jun 26, 2012
- Full Report:
GAO reviewed the Department of the Treasury's (Treasury) new rule on the assessment of fees on large bank holding companies. GAO found that (1) the final rule and interim final rule implements section 155 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which directs the Treasury to establish by regulation an assessment schedule for bank holding companies with total consolidated assets of $50 billion or greater and nonbank financial companies supervised by the Board of Governors of the Federal Reserve (the Board) to collect assessments equal to the total expenses of the Office of Financial Research (OFR). Included in the Offices expenses are expenses of the Financial Stability Oversight Council (FSOC), as provided under section 118 of the Dodd-Frank Act, and certain expenses of the Federal Deposit Insurance Corporation (FDIC), as provided under section 210 of the Dodd-Frank Act. The portion of this rule concerning the assessment schedule for bank holding companies is issued as a final rule. The portion of this rule related to the assessments for nonbank financial companies supervised by the Board is issued as an interim final rule, to allow for the consideration of additional comments in conjunction with related FSOC rules. This final rule and interim final rule establish the key elements of Treasurys assessment program, which will collect semiannual assessment fees from these companies beginning on July 20, 2012. These rules take into account the comments received on the January 3, 2012, proposed rule and make minor revisions pursuant to the comments; and (2) Treasury complied with the applicable requirements in promulgating the rule.