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Can you summarize 12 CFR Part 246?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > SUPERVISION AND REGULATION ASSESSMENTS OF FEES (REGULATION TT)
Short Summary
Regulation TT, issued by the Board of Governors of the Federal Reserve System, governs the assessments of fees for companies under the supervision and regulation of the Board. It applies to bank holding companies, savings and loan holding companies, foreign bank holding companies, foreign savings and loan holding companies, and nonbank financial companies supervised by the Board. The regulation defines an assessed company as a top-tier company with $100 billion or more in total consolidated assets. The regulation outlines the assessment formula for calculating the fees, which includes a base amount and an assessment rate based on the company’s assessable assets. The assessment rate varies depending on the category of the assessed company. The regulation also defines the assessment basis, which is the estimated total expenses necessary for the Board to carry out its supervisory and regulatory responsibilities. Assessed companies are required to remit the amount of their assessment to the Federal Reserve using the Fedwire Funds Service by September 15 of the calendar year following the assessment period. If the assessed company fails to pay the total amount of the assessment by the collection date for any reason not attributable to the Board, the assessment will be considered delinquent, and the assessed company will be required to pay interest on the delinquent amount. The interest will be calculated as simple interest, based on the daily equivalent of the applicable interest rate multiplied by the amount delinquent. The rate of interest will be determined by the United States Treasury Department’s current value of funds rate (CVFR percentage), which is published quarterly in the Federal Register. Overall, Regulation TT establishes the framework for assessing fees on companies under the supervision of the Board of Governors of the Federal Reserve System.
Whom does it apply to?
Bank holding companies, savings and loan holding companies, foreign bank holding companies, foreign savings and loan holding companies, and nonbank financial companies supervised by the Board
What does it govern?
Assessments of fees for companies under the supervision and regulation of the Board of Governors of the Federal Reserve System
What are exemptions?
No exemptions are mentioned in this regulation
What are the Penalties?
No specific penalties are mentioned in this regulation
Jurisdiction
U.S. Federal Government