On December 8, 2023, Max Bonici published “What Banks Should Know About FDIC Assessment Rule” in Law360. The following is an excerpt:
The Federal Deposit Insurance Corp. on Nov. 16 approved a final rule implementing a special assessment on mostly large banks in order to recover losses in connection with the decision to guarantee failed banks' uninsured deposits in March. No banking organizations with total assets under $5 billion will pay the special assessment.
The final rule becomes effective on April 1, 2024. Payment of the special assessment will begin with the first quarterly assessment period of 2024 (Jan. 1 through March 31, 2024), with an invoice payment date of June 28, 2024. This article lists and answers common questions around the final rule.
Click here to access the article.