[Federal Register Volume 67, Number 196 (Wednesday, October 9, 2002)]
[Rules and Regulations]
[Pages 62872-62873]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-25634]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

12 CFR Part 8

[Docket No. 02-12A]
RIN 1557-AC00


Assessment of Fees

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Final rule; technical correction.

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SUMMARY: This final rule makes a correction to the final rule that the 
OCC published in the Federal Register on September 11, 2002 (67 FR 
57509) amending 12 CFR 8.2(a). That provision sets forth the formula 
for the semiannual assessment the OCC charges each national bank.

EFFECTIVE DATE: This final rule is effective on October 9, 2002.

FOR FURTHER INFORMATION CONTACT: Michele Meyer, Counsel, Legislative 
and Regulatory Activities Division, 202-874-5090.

SUPPLEMENTARY INFORMATION: On November 16, 2001, the OCC published a 
final rule in the Federal Register that amended 12 CFR 8.2(a), which 
sets forth the formula for the semi-annual assessment that the OCC 
charges national banks. 66 FR 57645 (November 16, 2001). The objective 
of the rulemaking, as described in the preambles to the proposed and 
final rules, was to revise 12 CFR 8.2(a) only. However, in the 
published final rule, 12 CFR 8.2(a)(1) through (a)(6) were 
inadvertently deleted. 66 FR at 57647-48. A final rule published 
September 11, 2002 restored those deleted provisions of the regulation. 
67 FR 57509 (September 11, 2002).
    However, the September 11, 2002 final rule also restored 
erroneously 12 CFR 8.2(a)(7), which had been removed in a prior 
rulemaking. 66 FR 29890 (June 1, 2001). Today's final rule again 
removes that provision from the regulation.
    This final rule takes effect immediately. The OCC has concluded 
that the notice and comment procedures prescribed by the Administrative

[[Page 62873]]

Procedure Act are unnecessary because this rule corrects a technical 
error without substantive change to the provision of Sec.  8.2(a). See 
5 U.S.C. 553(b)(3)(B). Cf. United States National Bank of Oregon v. 
Independent Insurance Agents of America, Inc., 508 U.S. 439, 462 (1993) 
(error in punctuation construed so as not to defeat the ``true 
meaning'' of a Federal law that relocated but did not repeal the 
statutory provision authorizing national banks to sell insurance).

List of Subjects in 12 CFR Part 8

    National banks, Reporting and recordkeeping requirements.

    Accordingly, 12 CFR part 8 is amended by making the following 
correcting amendments:

PART 8--ASSESSMENT OF FEES

    1. The authority citation for part 8 continues to read as follows:

    Authority: 12 U.S.C. 93a, 481, 482, 1867, 3102, and 3108; 15 
U.S.C. 78c and 78l; and 26 D.C. Code 102.


    2. In Sec.  8.2, paragraphs (a)(1) through (a)(6), respectively, 
are republished and paragraph (a)(7) is removed, to read as follows:


Sec.  8.2  Semiannual assessment.

    (a) * * *
    (1) Every national bank falls into one of the ten asset-size 
brackets denoted by Columns A and B. A bank's semiannual assessment is 
composed of two parts. The first part is the calculation of a base 
amount of the assessment, which is computed on the assets of the bank 
up to the lower endpoint (Column A) of the bracket in which it falls. 
This base amount of the assessment is calculated by the OCC in Column 
C.
    (2) The second part is the calculation by the bank of assessments 
due on the remaining assets of the bank in excess of Column E. The 
excess is assessed at the marginal rate shown in Column D.
    (3) The total semiannual assessment is the amount in Column C, plus 
the amount of the bank's assets in excess of Column E times the 
marginal rate in Column D: Assessments = C+[(Assets - E) x D].
    (4) Each year, the OCC may index the marginal rates in Column D to 
adjust for the percent change in the level of prices, as measured by 
changes in the Gross Domestic Product Implicit Price Deflator (GDPIPD) 
for each June-to-June period. The OCC may at its discretion adjust 
marginal rates by amounts less than the percentage change in the 
GDPIPD. The OCC will also adjust the amounts in Column C to reflect any 
change made to the marginal rate.
    (5) The specific marginal rates and complete assessment schedule 
will be published in the ``Notice of Comptroller of the Currency 
Fees'', provided for at Sec.  8.8 of this part. Each semiannual 
assessment is based upon the total assets shown in the bank's most 
recent ``Consolidated Report of Condition (Including Domestic and 
Foreign Subsidiaries)'' (Call Report) preceding the payment date. The 
assessment shall be computed in the manner and on the form provided by 
the Comptroller of the Currency. Each bank subject to the jurisdiction 
of the Comptroller of the Currency on the date of the second or fourth 
quarterly Call Report required by the Office under 12 U.S.C. 161 is 
subject to the full assessment for the next six-month period.
    (6)(i) Notwithstanding any other provision of this part, the OCC 
may reduce the semiannual assessment for each non-lead bank by a 
percentage that it will specify in the Notice of Comptroller of the 
Currency Fees described in Sec.  8.8.
    (ii) For purposes of this paragraph (a)(6):
    (A) Lead bank means the largest national bank controlled by a 
company, based on a comparison of the total assets held by each 
national bank controlled by that company as reported in each bank's 
Call Report filed for the quarter immediately preceding the payment of 
a semiannual assessment.
    (B) Non-lead bank means a national bank that is not the lead bank 
controlled by a company that controls two or more national banks.
    (C) Control and company have the same meanings as these terms have 
in sections 2(a)(2) and 2(b), respectively, of the Bank Holding Company 
Act of 1956 (12 U.S.C. 1841(a)(2) and (b)).
* * * * *

    Dated: September 25, 2002.
Julie L. Williams,
First Senior Deputy Comptroller and Chief Counsel.
[FR Doc. 02-25634 Filed 10-8-02; 8:45 am]
BILLING CODE 4810-33-P