Fed expects to get $440M in fees from 70 firmsAugust 16, 2013 @ 12:53 pm
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 This material may not be published, broadcast, rewritten or redistributed.)
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