Fed expects to get $440M in fees from 70 firms

WASHINGTON (AP) - The Federal Reserve says it expects to collect $440 million in fees from 70 big banks and other financial firms to help cover its costs of supervising them.

The Fed provided the estimate in announcing it had finalized a rule providing for the annual fees. The fees are intended to help defray the costs of expanded regulation, which the Fed gained under the 2010 financial overhaul law enacted after the 2008 crisis.

The payments for 2012 are due by Dec. 15, the Fed says. They apply to the largest banks with operations in the United States and nonbank financial firms that have been deemed as potentially threatening the stability of the financial system. Regulators last month classified insurer American International Group and GE Capital as falling into that category.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Exception to the Rule
    Socialist party defends paying $13 hour an hour while calling for much higher minimum wage

  • Beyond the Gates
    As the U.S. military scales back, thousands turn to something that's more than a job fair

  • All You Can Eat
    6 belt-loosening food challenges in Seattle you may not be man enough to complete
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.