Mr Cooper Group Inc (COOP)

[goodietime]

"The special assessment will be collected beginning with the first quarterly assessment period of 2024 (i.e., January 1 through March 31, 2024) with an invoice payment date of June 28, 2024."

Royal this special assessment is to help FDIC recoup its losses in recent Bank failures. imo, Not for us.

FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 327
RIN 3064-AF93
Special Assessment Pursuant to Systemic Risk Determination
AGENCY: Federal Deposit Insurance Corporation (FDIC).
ACTION: Final Rule.
SUMMARY: The FDIC is adopting a final rule to implement a special assessment to
recover the loss to the Deposit Insurance Fund (DIF or Fund) arising from the protection
of uninsured depositors following the closures of Silicon Valley Bank, Santa Clara, CA,
and Signature Bank, New York, NY. The Federal Deposit Insurance Act (FDI Act)
requires the FDIC to take this action in connection with the systemic risk determination
announced on March 12, 2023. The assessment base for the special assessment is equal to
an insured depository institution’s (IDI) estimated uninsured deposits, reported for the
quarter that ended December 31, 2022, adjusted to exclude the first $5 billion in
estimated uninsured deposits from the IDI, or for IDIs that are part of a holding company
with one or more subsidiary IDIs, at the banking organization level. The FDIC will
collect the special assessment at a quarterly rate of 3.36 basis points, over eight quarterly
assessment periods, which it estimates will result in total revenue of $16.3 billion, the
estimated losses attributable to the protection of uninsured depositors at the two failed
banks. Because the estimated loss pursuant to the systemic risk determination will be
periodically adjusted, and because assessments collected may change due to corrective
amendments to the amount of uninsured deposits reported for the December 31, 2022,
reporting period, the FDIC retains the ability to cease collection early, extend the special
1
assessment collection period one or more quarters beyond the initial eight-quarter
collection period to collect the difference between actual or estimated losses and the
amounts collected, and impose a final shortfall special assessment to collect the
difference between actual losses and the amounts collected on a one-time basis after the
receiverships for Silicon Valley Bank and Signature Bank terminate.
DATES: The final rule will become effective on April 1, 2024, with the first collection
for the special assessment reflected on the invoice for the first quarterly assessment
period of 2024 (i.e., January 1 through March 31, 2024), with a payment date of June 28,
2024.
FOR FURTHER INFORMATION CONTACT: Division of Insurance and Research:
Ashley Mihalik, Associate Director, Financial Risk Management, 202-898-3793,
amihalik @InvestorsChoice-6962,
[e-mail]; Legal Division: Sheikha Kapoor, Assistant General Counsel,
202-898-3960, skapoor @InvestorsChoice-7301,
[e-mail].
SUPPLEMENTARY INFORMATION:
Table of Contents
I. Background
A. Silicon Valley Bank, Signature Bank, and the Systemic Risk Exception
B. Legal Authority and Policy Objectives
C. The Proposed Rule
II. The Final Rule
A. Description of the Final Rule
B. Estimated Special Assessment Amount
C. Rate for the Special Assessment
D. Assessment Base and Scope of Application for the Special Assessment
1. Comments Received on the Calculation of the Special Assessment
2. Comments on the Reporting Date of Uninsured Deposits for Special Assessment
Base