OTS Dropping Fees on Some of Its Applications

WASHINGTON - Thrifts will save money on regulators' fees starting next month.

The Office of Thrift Supervision on Friday eliminated the charge for processing dividend notifications, interim charters, and applications to participate in community development corporations. The agency also reduced the cost of seven other types of corporate applications from 10% to 26%.

"This is another step by OTS to reduce regulatory cost and burden on the thrift industry," said John F. Downey, the agency's director of supervision. "The new fees in most cases have been updated to reflect OTS' current processing costs."

The agency reviews its fees at least once a year. The new charges take effect April 30.

Under the new schedule, companies that want to start new thrifts will pay just $14,400, down from $18,100. Those who want to deregister as holding companies will owe OTS just $900, down from $1,000. And mutual holding companies seeking permission for their subsidiaries to sell stock will face a tab of $6,400, down from $8,700.

The agency is not raising any applications fees, but it did announce plans to expand it application fee schedule to cover four new filings. Notifications to convert to national bank charters or to merge with a bank will each cost $200. Notices of branch sales to banks will cost $2,000, as will notices of asset or liability transfers, the OTS said.

The schedule is being redesigned, according to the agency, to eliminate confusion over various types of merger transactions.