OTS Cuts Fees Thrifts to Pay In This Quarter
WASHINGTON - The Office of Thrift Supervision announced a 5% cut in the fees that savings institutions must pay to fund its regulatory operations in the third quarter of 1991.
The OTS said it will collect $51.3 million from 2,419 thrifts with $1.071 trillion in total assets. That is down from $53.7 million from 2,489 thrifts with $1.104 trillion in assets in the quarter ended June 30.
Cost-Cutting Pays Off
The reduced fees are the result of a year-long effort by OTS to slash its budget as hundreds of thrifts move into receivership.
The budget cuts translate into lower fees for institutions, which pay different amounts based on their size and health.
A strong, $1 billion-asset thrift will pay $46,950 in the third quarter, down from $48,169 in the second quarter. A troubled thrift that size will pay $70,424, down from $72,254.
Fees Less than Projected
Industry assessments make up the lion's share of the agency's $263 million budget for 1991. Collections for the first nine months of the year will total $162 million. And OTS Director T. Timothy Ryan Jr. has pledged that the fourth-quarter fee won't top $57 million. That means total collections for 1991 won't exceed $219 million, shy of the $228 million projected.
The OTS's total budget has been trimmed from $295 million in 1990, largely through staff cuts.