The Federal Deposit Insurance Reform Act of 2005 changed the Federal Deposit Insurance Act provisions for failing to timely pay assessments.
- An institution that fails to timely pay its assessment is subject to a penalty of not more than 1 percent of the late assessment amount due for each day that the assessment is unpaid.
- For late assessment payments less than $10,000, a penalty of not more than $100 may be imposed for each day the assessment is unpaid.
- The FDIC, in its sole discretion, may compromise or modify a late assessment penalty upon finding that good cause prevented timely payment.
All FDIC-insured Institutions
Chief Executive Office
Chief Financial Officer
FDIC Rules of Practice and Procedure, 12 CFR 308, Subpart H
Final Rule - PDF 55k (PDF Help)
Donna M. Saulnier, Senior Assessment Policy Specialist, Division of Finance, (703) 562-6167
William V. Farrell, Manager, Assessments Section, Division of Finance, (703) 562-6168
Christopher Bellotto, Counsel, Legal Division, (202) 898-3801
Stephen T. Weisweaver, Attorney, Legal Division, (202) 898-6976
FIL-97-2006 - PDF 27k (PDF Help)
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).