Civil Money Penalties
In accordance with the FDI Act, a Civil Money Penalty is charged when an institution pays its assessment late. The daily penalty charged is either 1% of the amount owed, or a daily amount computed and adjusted annually, whichever is greater. The late period is from the day after payment date through and including the date the payment is received. To see the payment dates for assessments, go to: Invoice Publishing and Payment Dates. For more information, please email Assessments@fdic.gov.
Late Interest Charges
Daily interest (to compensate for the time value of money) is paid on overpayments and charged on underpayments of assessments. The overpayment or underpayment amount plus accrued interest will appear in the adjustment section of an upcoming quarterly invoice for the applicable institution. The interest rate charged for a quarter is the coupon equivalent yield of the average discount rate set on the 3-month Treasury bill at the last auction held by the United States Treasury Department during the preceding quarter. Generally, interest is applied from the day after the date the original assessment was due up through the date the assessment underpayment or overpayment is settled. For more information, see 12 CFR part 327.7.