Speaking of government bloat and regulatory overkill… while DOGE is busy trying to eliminate it, the federal agencies haven’t gotten the memo yet.
The OCC pays for almost all of its $1.2 billion annual budget and 3,500 employees by imposing “assessment fees” on the banks it regulates. And for next year, it wants a hefty 16% increase. Wait. We thought Biden conquered inflation!
Here’s a synopsis of the self-serving proposal:
The Office of the Comptroller of the Currency (OCC) today announced an increase in assessment rates for the 2025 calendar year. The increases are primarily targeted at large banks…
The OCC increased the rates in the general assessment fee schedule for assets above $40 billion by 16 percent to reflect the increased cost of supervising the largest institutions. The OCC increased all other rates in the general assessment fee schedule by 2.65 percent to account for inflation…
The 2025 assessment rates will provide the OCC with sufficient resources to recruit, train, and retain the talent and to update the agency’s technology systems as necessary to perform its important mission to maintain the safety, soundness, and fairness of the federal banking system.
Hmm. So much for the new ethic of doing more with less. We’d prefer they do less for less.
Hopefully, Trump will put an end to this tax on banks, which will be paid by depositors and borrowers.