(a)(1) In this section the following words have the meanings indicated.
(2) “Branch” means a deposit-taking office of a banking institution other than the main office as defined by the Federal Deposit Insurance Corporation.
(3) “De novo branch” has the meaning stated in § 5-1001 of this title.
(4) “Deposit growth cap” means the year-over-year percentage change of domestic office deposits as reported on December 31 each year by the Federal Deposit Insurance Corporation in the Federal Deposit Insurance Corporation quarterly bank profile.
(5) “Deposits” means deposits originated and housed at a branch located in a low- to moderate-income tract as reported by a banking institution to the Federal Deposit Insurance Corporation each year as of June 30.
(6) “Low- to moderate-income tract” means a census tract delineated by the U.S. Bureau of the Census in the most recent decennial census as published by the Federal Financial Institutions Examination Council that corresponds to low- to moderate-income level classifications as defined by the regulation of the Federal Reserve Board implementing the federal Community Reinvestment Act, 12 C.F.R. 228.12.
In general
(b) The Commissioner shall impose annual assessments on each banking institution as provided in this section, to cover the expense of regulating banking institutions.
Calculation of assessment
(c)(1) Except as provided in paragraph (2) of this subsection, the Commissioner shall assess each banking institution the sum of:
(i) $8,000; plus
(ii) 1. 12 cents for each $1,000 of the assets of the institution over $50,000,000, but not more than $250,000,000;
2. 10 cents for each $1,000 of assets over $250,000,000, but not more than $500,000,000;
3. 9 cents for each $1,000 of assets over $500,000,000, but not more than $1,000,000,000;
4. 8 cents for each $1,000 of assets over $1,000,000,000, but not more than $10,000,000,000; and
5. 7 cents for each $1,000 of assets over $10,000,000,000.
(2) If a banking institution is not in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this title, the Commissioner shall assess the banking institution the sum of:
(i) $5,000; plus
(ii) 1. 0.3 cents for each $1,000 of managed assets held in a fiduciary capacity up to $5,000,000,000;
2. 0.2 cents for each $1,000 of managed assets held in a fiduciary capacity over $5,000,000,000, but not more than $20,000,000,000;
3. 0.1 cent for each $1,000 of managed assets held in a fiduciary capacity over $20,000,000,000 up to $27,500,000,000;
4. 0.2 cents for each $1,000 of nonmanaged and custodial assets held in a fiduciary capacity up to $5,000,000,000; and
5. 0.1 cent for each $1,000 of nonmanaged and custodial assets held in a fiduciary capacity over $5,000,000,000 up to $20,000,000,000.
(3) The assessments shall be based on assets stated in a banking institution's most recent financial report.
Banking institutions with composite CAMELS rating of 1 or 2
(d) A well-capitalized banking institution with a composite CAMELS rating of 1 or 2 may file with the Commissioner a request for an assessment offset credit of:
(1) 12 cents for each $1,000 of deposits in a de novo branch located in a low- to moderate-income tract for the first 5 years after the date the branch opened; or
(2) 6 cents for each $1,000 of deposits in a branch located in a low- to moderate-income tract not to exceed the deposit growth cap.
Banking institutions with composite CAMELS rating of 3, 4, or 5
(e) Notwithstanding subsection (c) of this section, for a banking institution with a composite CAMELS rating of 3, 4, or 5 for its most recent examination, the annual assessment imposed under this section shall be increased by an additional 25%.
Deadline for payment
(f) A banking institution shall pay the assessment imposed under this section to the Commissioner on or before the April 15 after it is imposed.
Successor index
(g) The Commissioner may designate a successor index for:
(1) The low- to moderate-income tract if the Federal Financial Institutions Examination Council tract income level data is no longer published; or
(2) The deposit growth cap if the Federal Deposit Insurance Corporation report of domestic office deposits is no longer published.
Credits
Added by Acts 1981, c. 618, § 1, eff. July 1, 1981. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2008, c. 293, § 1, eff. July 1, 2008; Acts 2010, c. 72, § 1, eff. April 13, 2010; Acts 2023, c. 432, § 1, eff. July 1, 2023; Acts 2023, c. 433, § 1, eff. July 1, 2023.
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
