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Deposit Insurance Assessments

Special Assessment Pursuant to Systemic Risk Determination

Last Updated: December 13, 2023

The Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a final rule implementing a special assessment to recover the loss to the Deposit Insurance Fund (DIF) associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Act (FDI Act) required the FDIC to take this action in connection with the March 12, 2023 Systemic Risk Determination.

Under the final rule, the banks that benefited most from the assistance provided under the systemic risk determination will be charged a special assessment to recover losses of approximately $16.3 billion to the DIF resulting from the protection of uninsured depositors. In general, large banks and regional banks, and particularly those with large amounts of uninsured deposits, were the banks most vulnerable to uninsured deposit runs and benefited most from the stability provided under the systemic risk determination.

Key Features

Special Assessment Rate and Base

  • The special assessment will be collected at a quarterly rate of 3.36 basis points for a projected total of eight quarters.
  • The quarterly special assessment rate of 3.36 basis points will be applied to a special assessment base equal to an insured depository institution’s (IDI’s) estimated uninsured deposits reported for the December 31, 2022 reporting period, adjusted to exclude the first $5 billion, applicable either to the IDI, if an IDI is not a subsidiary of a holding company, or at the banking organization level, to the extent that an IDI is part of a holding company with one or more subsidiary IDIs.

Insured Institutions Affected

  • It is estimated that 146 IDIs belonging to 114 banking organizations will be subject to the special assessment. A banking organization is defined to include IDIs that are not subsidiaries of a holding company and holding companies with one or more IDIs.
  • The special assessment does not apply to any banking organization with less than $5 billion in total consolidated assets.

Example of the Special Assessment Charge

  • The projected special assessment amount due each quarter will be 0.000336 (3.36 basis points divided by 10,000 to move the decimal point) multiplied by the special assessment base of estimated uninsured deposits reported on Schedule RC-O, Memorandum item 2 of the Consolidated Reports of Condition and Income (Call Report) or Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), for the December 31, 2022 reporting period, adjusted to exclude the first $5 billion of uninsured deposits at the banking organization level.
  • Sample quarterly special assessment amount for a banking organization with only one IDI:
    • Estimated Uninsured Deposits reported on Schedule RC-O Memo item 2 is $7.5 billion for Call Report date 12/31/2022*
    • The special assessment base after applying the $5 billion deduction is $2.5 billion
    • The quarterly special assessment amount due would be $2,500,000,000 multiplied by 0.000336 = $840,000.

*Unlike the regular quarterly deposit insurance invoice that is based on the most recent Call Report data corresponding with the quarter in which the institution in being assessed, the base for the Special Assessment will be calculated, for each quarter, using the amount of estimated uninsured deposits reported in Schedule RC-O, Memorandum item 2 for the December 31, 2022 reporting period. The FDIC is conducting an Assessment Reporting Review (review) of the reporting methodology for estimated uninsured deposits and related items on the Call Report. This review might result in amendments if it is determined that reporting is not in accordance with the Call Report instructions. For additional information, see: Estimated Uninsured Deposits Reporting Expectations.

Payment of the Special Assessment

  • The special assessment will be shown as an additional charge on the regular quarterly invoice beginning with the first quarterly assessment period of 2024 (i.e., January 1 through March 31, 2024) with a payment date of June 28, 2024. Click here for invoice payment dates.
  • For each institution subject to the special assessment, invoice packages issued in December 2023 will include details on the FDIC’s current, preliminary estimate of the institution’s special assessment amount.

Potential Future Changes to the Special Assessment

  • The estimated loss of $16.3 billion will be adjusted as assets are sold, liabilities are satisfied, and receivership expenses are incurred.
  • Because the estimated loss will be adjusted as needed and special assessments collected might change due to amendments to uninsured deposits reported for December 31, 2022, the FDIC retains the ability to:
    • End the collection early;
    • Extend the special assessment collection period one or more quarters beyond the initial eight-quarter collection period to collect the difference between actual or estimated losses and the amounts collected; and
    • Impose a one-time final shortfall special assessment to collect the difference between actual losses and the amounts collected after the receiverships for Silicon Valley Bank and Signature Bank terminate.

For More Information and Assistance

For more information on the final Special Assessment regulation, see Financial Institution Letter FIL-58-2023 and its attachments.

For assistance, please call 1-800-759-6596, Option 2, or email Assessments@fdic.gov.