OCC to Provide Partial Assessment Refunds for Banks Leaving Its Supervision

The OCC is amending its assessment rules to provide partial refunds to national banks, federal thrifts and federal branches of foreign banks that leave OCC jurisdiction before the end of the six-month assessment period. Assessments are currently due on March 31 and Sept. 30 of each year, with the deadlines falling halfway between the semiannual assessment periods of Jan. 1 through June 30 and July 1 through Dec. 31.

Under the final rule, banks leaving OCC jurisdiction on or before the March or September payment due dates would be eligible to receive a refund for the second three months of the assessment period. The final rule also includes technical amendments to the assessment rules.