OCC cuts 2023 assessments

The OCC published its assessment rates for the 2023 calendar year, reducing the rates in its general assessment fee schedule and maintaining its 2022 rates for the independent trust and independent credit card fee schedules.

Updates: Changes to the general assessment fee schedule include:

  • A 40% reduction for all banks on their first $200 million in total balance-sheet assets.

  • A 20% reduction for all banks on balance-sheet assets above $200 million and up to $20 billion.

  • No inflation adjustment to assessment rates.

Total Savings: The agency has said the reduction will result in a $41.3 million total savings for OCC-chartered community banks in 2023.

FDIC Rate Hike: The announcement comes as ICBA continues pushing back against the FDIC’s final rule raising deposit insurance assessment rates by 2 basis points on all insured institutions.