Press Releases FDIC Extends Comment Period for Portions of Proposed Rulemaking on Risk-Based Assessments
FOR IMMEDIATE RELEASE
November 7, 2008
Andrew Gray (202-898-7192)
The FDIC has extended for 30 days (until December 17, 2008) the comment period for those portions of its October 7, 2008, proposed rulemaking on risk-based assessments that would become effective April 1, 2009. Comments on the portion of the rulemaking that would become effective January 1, 2009 – raising current assessment rates uniformly by seven basis points for the first quarter 2009 assessment period only – continue to be due by November 17, 2008.
On October 7, 2008, the FDIC requested comment on proposed rules that would:
(1) effective January 1, 2009, raise current assessment rates uniformly by seven basis points for the first quarter 2009 assessment period only;
(2) effective April 1, 2009, alter the way in which the assessment system differentiates for risk and again change assessment rates beginning the second quarter of 2009 assessment period; and
(3) also effective April 1, 2009, make technical and other changes to the rules governing the risk-based assessment system.
The proposed rules were published for a 30-day comment period, which is scheduled to close on November 17, 2008.
To afford interested parties additional time beyond the present 30-day comment period to review the proposals with an April 1, 2009, effective date (items 2 and 3 above), the FDIC Board of Directors has extended the period for public comment by 30 days, that is, until December 17, 2008.
The existing 30-day comment period for the proposed seven basis point uniform increase in existing assessment rates for the first quarter of 2009 only (item 1 above) – with its separate proposed effective date of January 1, 2009 – is not extended and will end on November 17, 2008.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,451 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-112-2008