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State-chartered banks not to be threatened with supervisory fees

WASHINGTON-The Bush administration is not expected to include supervisory fees for state chartered banks to cover the cost of federal examinations in its 2003 budget plan, according to a report in the American Banker. Former President Bill Clinton originally threatened these fees at the beginning of his tenure, but Congress...

By Staff Writer | Updated on February 05, 2002

<p>WASHINGTON-The Bush administration is not expected to include supervisory fees for state chartered banks to cover the cost of federal examinations in its 2003 budget plan, according to a report in the American Banker. Former President Bill Clinton originally threatened these fees at the beginning of his tenure, but Congress always removed them. “There was no support in the Senate for it last year, and the leadership of the House and Senate banking committees have consistently been opposed to this approach,” Neil Milner, the president of the Conference of State Bank Supervisors, told the Banker. “Hopefully the budget people in the White House finally got the message that this was a nonstarter, and won’t waste time and energy on it this year.” Banks pay the Federal Deposit Insurance Corporation’s operating costs through deposit insurance assessments and the Federal Reserve earns money from banks through interest on their required reserves. According to American Bankers Association Deputy Executive Vice President Edward Yingling, assessing such fees would amount to state-chartered banks paying twice. State-chartered banks do pay for exams by state officials. The Office of Management and Budget has not confirmed the report.</p>

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