Banks to Get Break on Assessments for Virus Response (1)

Banks are getting a break on fees they pay to the Office of the Comptroller of the Currency as a thank you for their response to the coronavirus.

The OCC Monday issued an interim final rule saying it would charge a lower assessment to the banks that it oversees in September, in part because their assets swelled as they participated in programs like the Paycheck Protection Program, which provided government-backed loans to small businesses shut down by the pandemic.

“Banks should not be penalized by these efforts to support our national recovery,” Acting Comptroller Brian Brooks said in a statement. ...