The Federal Reserve Board on Monday issued a proposal required under the Dodd-Frank Act that would impose a fee on the biggest bank holding companies. The fee will cover expenses related to the regulators' supervisory duties.
Payments will not be due until the rule is finalized. The central bank estimates that at least 70 financial institutions could face such imposed charges.
"The Dodd-Frank Wall Street Reform and Consumer Protection Act directs the Federal Reserve to collect assessments, fees, or other charges equal to the expenses the Board estimates are necessary and appropriate to carry out its supervisory and regulatory responsibilities for these large financial companies," according to the Fed's press release.
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