The Federal Reserve Board announced plans to collect $440 million in fees from 70 companies for increased supervision by the agency.

The Fed released a final rule Friday specifying which companies would be charged, estimated expenses, and each company's assessment fee. The Fed will notify each institution in October when the rule becomes effective.

"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," writes American Banker's Donna Borak.

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