WASHINGTON The Federal Reserve Board said Friday it plans to collect $440 million in fees from 70 companies for increased supervision by the agency.
The Fed released a final rule indicating which companies would be charged, estimated expenses, and each company's assessment fee.
The 2010 Dodd-Frank Act gives the Fed authority to charge an annual fee it believes is "appropriate and necessary" to supervise and regulate bank holding companies and savings and loan companies with $50 billion or more of assets, as well as nonbank financial companies designated by the Financial Stability Oversight Council.
The Fed will notify each institution in October when the rule becomes effective the amount of its assessment fee. Payments are due no later than December 15.
Next year, the Fed will alert each company of its fee no later than June 30 with an expected payment due by September 15.
All fees collected will be transferred to the U.S. Treasury Department.