WASHINGTON --National banks stand to save $7 million annually because of lower corporate fees, the Office of the Comptroller of the Currency said Tuesday.
"We are able to reduce regulatory costs to banks because the Comptroller's office is becoming more efficient as a bank regulator," said Comptroller Eugene A. Ludwig.
Filing fees for 26 types of corporate applications have been cut by more than half. Fees for setting up automated teller machines will shrink from $1,500 to $400, and fees for opening a branch will drop from $1,900 to $700.
The agency expects-national banks to save roughly $6 million in corporate filing fees and $1 million in securities filing fees as a result of the changes.
The agency will not collect any securities filing fees next year, and will consider dropping such fees permanently.