Assessment of Fees on Certain Bank Holding Companies and Nonbank Financial Companies Supervised by the Federal Reserve Board To Cover the Expenses of the Financial Research Fund

Zusammenfassung

The Department of the Treasury ("Treasury") is issuing this final rule to implement section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the "Economic Growth Act"), which amends section 155 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). As amended, section 155 requires the Secretary of the Treasury to establish, by regulation, an assessment schedule applicable to bank holding companies with total consolidated assets of $250 billion or greater and nonbank financial companies supervised by the Board of Governors of the Federal Reserve System ("the Board"), to collect assessments equal to the total expenses of the Office of Financial Research (the "OFR"). The final rule also simplifies the method for determining the amount of total assessable assets for foreign banking organizations, which is made possible by a new regulatory data source. This rule finalizes a November 4, 2019 proposed rule without change.