Deposit Insurance Assessments
Final FICO Assessments
FICO Assessments Final Regulation
The FDIC, as agent for the Financing Corporation (FICO), collects FICO Assessments from FDIC-insured institutions to pay interest on FICO bonds. FICO bonds were issued in the late 1980’s to recapitalize the (former) Federal Savings & Loan Insurance Corporation (FSLIC). The last of the remaining FICO bonds will mature in September 2019.
The Federal Housing Finance Agency (FHFA), the agency authorized by Congress to prescribe regulations relating to FICO, issued a final rule pertaining to the final FICO assessments. The final rule contains two key elements regarding the final FICO assessments:
- The FHFA projects that the last FICO assessment will be collected on the March 29, 2019 FDIC Quarterly Certified Statement Invoice.
- Amendments to Reports of Condition and Income (Call Reports) made after March 26, 2019 will not result in changes to a bank’s previously-paid FICO assessments.
The FHFA included a provision that is intended to address the possibility, which FHFA believes to be small, that FICO may need to conduct another assessment in June 2019, which would occur only if the March collection did not yield sufficient monies to make the remaining interest payment on the FICO bonds.
Only FICO assessments are affected by the FHFA final rule. The FHFA final rule does not affect FDIC’s policy on deposit insurance assessments, which will continue in the normal manner. Please refer to the FDIC’s policy regarding assessment adjustments.
For more information on this regulation, please contact the FHFA. Contact information is found in the final regulation (see the link below).
Helpful Web Links & Documents
FHFA Final Assessment Regulation
FICO Rate History