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Effective Date: Special Assessment Pursuant to Systemic Risk Determination

AGENCY: Federal Deposit Insurance Corporation (FDIC).

ACTION: Final Rule.

SUMMARY: The FDIC is adopting a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (DIF or Fund) arising from the protection of uninsured depositors following the closures of Silicon Valley Bank, Santa Clara, CA, and Signature Bank, New York, NY. The Federal Deposit Insurance Act (FDI Act) requires the FDIC to take this action in connection with the systemic risk determination announced on March 12, 2023. The assessment base for the special assessment is equal to an insured depository institutionā€™s (IDI) estimated uninsured deposits, reported for the quarter that ended December 31, 2022, adjusted to exclude the first $5 billion in estimated uninsured deposits from the IDI, or for IDIs that are part of a holding company with one or more subsidiary IDIs, at the banking organization level. The FDIC will collect the special assessment at a quarterly rate of 3.36 basis points, over eight quarterly assessment periods, which it estimates will result in total revenue of $16.3 billion, the estimated losses attributable to the protection of uninsured depositors at the two failed banks. Because the estimated loss pursuant to the systemic risk determination will be periodically adjusted, and because assessments collected may change due to corrective amendments to the amount of uninsured deposits reported for the December 31, 2022, reporting period, the FDIC retains the ability to cease 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 final shortfall special assessment to collect the difference between actual losses and the amounts collected on a one-time basis after the receiverships for Silicon Valley Bank and Signature Bank terminate.

DATES: The final rule will become effective on April 1, 2024, with the first collection for the special assessment reflected on the invoice for the first quarterly assessment period of 2024 (i.e., January 1 through March 31, 2024), with a payment date of June 28, 2024.

https://www.fdic.gov/news/board-matters/2023/2023-11-16-notice-dis-a-fr.pdf

  • April 1, 2024
  • Time: All Day
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