Regulatory Alerts2023-05-22 | 2023-10447Special Assessments Pursuant to Systemic Risk Determination
The Federal Deposit Insurance Corporation proposes a rule to impose special assessments on insured depository institutions, aiming to recover approximately $15.8 billion in Deposit Insurance Fund losses resulting from the March 2023 systemic risk determination that fully protected uninsured depositors at Silicon Valley Bank and Signature Bank. Calculated as roughly 12.5 basis points annually on estimated uninsured deposits reported as of December 31, 2022 (minus a $5 billion deduction), the assessments will be collected quarterly over an initial eight-quarter period beginning January 1, 2024. The FDIC retains flexibility to cease collections early, extend the assessment period, or levy a one-time final shortfall charge if actual receivership losses ultimately diverge from current estimates.