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"Staff recommend adopting the proposed calculation of the special assessment rate as final. Under the final rule, the special assessment rate will equal 3.36 basis points quarterly, or approximately 13.4 basis points annually, an increase from the 12.5 basis point annual rate in the proposal.10 Amendments to reported estimated uninsured deposits filed since the adoption of the proposed rule have resulted in a decline in the total assessment base. The decline in the total assessment base combined with the increase in the cost estimate have resulted in a higher annual rate relative to the proposal.11 As of November 2, 2023, the total assessment base was $6.0 trillion. The special assessment rate will not change following the date of adoption of this final rule."
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"D. Assessment Base and Scope of Application for the Special Assessment Under the proposal, each IDI’s assessment base for the special assessment would be equal to estimated uninsured deposits as reported in the Call Report or FFIEC 002 for the quarter that ended December 31, 2022, after applying the $5 billion deduction.12 As a result of this deduction, most small IDIs and IDIs that are part of a small banking organization would not pay anything towards the special assessment. The special assessment would not be not applicable to any banking organizations with total assets under $5 billion.
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"Based on data reported for the quarter that ended December 31, 2022, and as illustrated in Table 1 below, the staff estimate that 114 banking organizations, which include IDIs that are not subsidiaries of a holding company and holding companies with one or more subsidiary IDIs and which comprise 81.3 percent of industry assets, will be subject to the special assessment, including 48 banking organizations with total assets over $50 billion and 66 banking organizations with total assets between $5 and $50 billion. No banking organizations with total assets under $5 billion would pay the special assessment,
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"Under the proposal, the special assessment would 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. In order to mitigate the risk of overcollecting as the loss estimates for the failed banks are periodically adjusted, to preserve liquidity at IDIs, and in the interest of consistent and predictable assessments, the special assessment would be collected over eight quarters.
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"FDIC proposed to extend the collection period over one or more quarters as needed in order to collect the difference between the amount collected and the estimated or actual loss at the end of the eight-quarter collection period, (the shortfall amount).
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"Despite these challenges, the state of the U.S. banking system remains sound and institutions are well positioned to absorb a special assessment."
"C. Effective Date and Application Date of the Final Rule The FDIC is issuing this final rule with an effective date of April 1, 2024. The first collection for the special assessment will be 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, and the FDIC will continue to collect the special assessment for an anticipated total of eight quarterly assessment periods. Because the estimated loss pursuant to the systemic risk determination will be periodically adjusted, and to allow for any corrective amendments to the amount of uninsured deposits reported for the December 31, 2022, reporting period applied to the calculation of the special assessment, the FDIC retains the ability to cease collection early, impose an extended special assessment collection period after the initial eightquarter collection period to collect the difference between losses and the amounts collected, and impose a onetime final shortfall special assessment after both receiverships terminate".
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