Regulatory Alerts2023-11-29 | 2023-25813Special Assessment Pursuant to Systemic Risk Determination
The Federal Deposit Insurance Corporation (FDIC) issued a final rule requiring insured depository institutions to pay a $16.3 billion special assessment to recover Deposit Insurance Fund losses from protecting uninsured depositors after the March 2023 closures of Silicon Valley Bank and Signature Bank. Calculated at a quarterly rate of 3.36 basis points on estimated uninsured deposits as of December 31, 2022 (minus a $5 billion organizational deduction), the assessment will be collected over eight quarterly periods beginning April 1, 2024. The rule defines the assessment base, payment mechanisms, and adjustment provisions to ensure equitable recovery while accommodating periodic updates to loss estimates and reported deposit figures.
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