The Office of the Comptroller of the Currency is reducing the semiannual assessments it charges on its regulated banks by 10% for 2019, the agency said Friday.
The reduced assessment is in response to “cost savings” at the OCC, and its projected costs and revenue next year, the OCC said in its bulletin. The agency estimates it will lower assessments collected from banks by more than $90 million next year.
“We have a responsibility to be good stewards of the resources entrusted to us, and as assets within the federal banking system have grown, so have the assessments collected by the agency,” Comptroller of the Currency Joseph Otting said in a press release. “The agency has demonstrated it can reduce its costs by operating more effectively and efficiently while still ensuring the federal banking system operates in a safe, sound, and fair manner.”
Read more in American Banker.