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Can you summarize TNRR 0180-21?
Financial Institutions > Rules Pertaining to the Assessment of the Annual Banking Fee
Short Summary
These rules pertain to the assessment of the annual banking fee for state banks in the state of Tennessee. The Department of Financial Institutions divides its annual budget among state banks through an assessment known as the ‘banking fee’, based on the banks’ assets. The banking fee is not prorated and must be paid in full by state banks on the first day of the fiscal year. The maximum banking fee assessment cannot exceed the fee that a national bank of equivalent asset size would pay. The Commissioner has the authority to establish the maximum assessment at a smaller percentage if the assessment factor for all state banks will not be higher than the previous year. The maximum assessment remains the same until further reduction by the Commissioner or if a higher percentage is necessary to meet the Department’s budget. The Department notifies each bank of their banking fee in December of the fiscal year, and the assessment is calculated based on the bank’s assets reported in the June 30 call report. If a bank fails to file the June 30 call report, the Commissioner determines the bank’s assets from other sources of information.
Whom does it apply to?
State banks
What does it govern?
Assessment of the annual banking fee
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Tennessee