The largest financial companies in the United States will have to hand over a total of about $440 million to pay for expenses the Federal Reserve accrued in 2012 watching over them, the Fed announced Friday.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Fed has the power to collect fees that equal the amount it costs to regulate and supervise banks that have at least $50 billion in assets, as well as nonbank financial companies under its watch. The Fed, which is using this authority for this first time, expects about 70 companies to pay for last year’s oversight.
The firms will receive more details about costs in October. But the Fed estimated that a financial institution with $50 billion in assets would have to pay about $1 million, while one with $1 trillion in assets would have to dole out about $22 million.