To incorporate by reference the financial reporting form for trust companies; to update and clarify the definition of call reports for banks, associations, and trust companies; to clarify the filing and deadline requirements for call reports; to ...

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NOS.:RULE TITLES:

69U-120.0451Financial Reports

69U-120.730Bank and Trust Company Assessments

PURPOSE AND EFFECT: To incorporate by reference the financial reporting form for trust companies; to update and clarify the definition of call reports for banks, associations, and trust companies; to clarify the filing and deadline requirements for call reports; to conform the assessments rule to the 2015 amendments to Section 655.047, F.S., regarding the filing and deadline requirements for submitting semiannual assessments by mail and by electronic means; and to correct certain dollar amounts in the assessments schedule.

SUMMARY: Rule 69U-120.0451, F.A.C, will be amended to create a definition for “Call Report” for state banks and state associations that cites the specific provisions of federal law governing call reports and filing with the Federal Financial Institutions Examination Council (FFIEC). For state trust companies, the amended rule defines “Call Report” as Form OFR-U-130A, “Consolidated Financial Reports for Non-Deposit Trust Companies,” (rev. __/2017). The amendment updates the footer on the form and incorporates the form by reference with a link. Rule 69U-120.730, F.A.C., is updated to conform to legislative amendments to Section 655.047, F.S., passed in 2015. The statute was amended to authorize electronic payment of semiannual assessments, while still allowing for payment sent by mail. The statute was further amended to provide that payments sent by mail must be “received by the OFR,” rather than postmarked, on or before January 31 and July 31 of each year. Electronic payments must be transmitted on or before January 31 and July 31 of each year. The proposed rules will conform to these changes. For consistency with the good cause language in Rule Subsection 69U-120.0451(4), F.A.C., the proposed rule adds the phrase “such as isolated clerical and other minor errors or omissions” to Rule Subsection 69U-120.730(5), F.A.C. The proposed rule updates the legal citations to rulemaking authority, and replaces the general term “Consolidated Report of Condition” with a reference to the definition in Rule 69U-120.0451, F.A.C. The rule amendment also corrects certain dollar amounts in the assessments schedule.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION: The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The proposed amendments conform the rules to statutory requirements in relation to the manner and timing of the submission of semiannual assessment payments in accordance with 2015 legislation. The amendments update and clarify the rules and do not impose new or additional requirements, costs, or expenditure of time not already required by statute or existing rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 655.012(2), 655.045(2), 658.73(5) FS.

LAW IMPLEMENTED: 655.045(2), 655.047, 658.73(1) FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Leslie E. Bryson, Senior Attorney, Division of Financial Institutions, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69U-120.0451 Financial Reports.

(1) Definitions. As used in this rule section, the following definitions shall apply:

(a) “Annually” means as of December 31 of each calendar year.

(b) “Appropriate federal regulatory agency” means the Federal Deposit Insurance Corporation in the case of a state association or a state, non-member commercial bank, and the Federal Reserve Bank in the case of a state, member commercial bank, and the Office of Thrift Supervision in the case of a state chartered association.

(c) “Call Report” means, in the case of a state bank or state association, the quarterly bank Consolidated Reports of Condition and Income filed with the Federal Financial Institutions Examination Council (FFIEC) as required by 12 U.S.C. §§ 324 and 1817. If in reference to a state trust company, “Call Report” means Form OFR-U-130A, “Consolidated Financial Reports for Non-Deposit Trust Companies,” (rev. __/2017), and incorporated by reference in subsection (3) of this rule.

(d)(c) “Quarterly” means as of March 31, June 30, September 30, and December 31 of each calendar year.

(d) “Timely filed” means that the report is postmarked by the last day of the month following the close of the appropriate calendar quarter. If the last day of a month following the close of the appropriate calendar quarter is on a weekend or holiday, such reports are timely filed if they are postmarked the next business day.

(2) Each state chartered commercial bank and state association shall is required to timely file an accurate and complete Call Report electronically with the FFIEC on a quarterly basis. submit a Consolidated Report of Condition and Consolidated Report of Income to OFR quarterly. Such reports must be timely filed.

(3) To satisfy the requirement of subsection (2) above, a state chartered commercial bank or association may timely file an electronic copy of such report with the appropriate federal regulatory agency.

(3)(4) Each state chartered trust company shall is required to timely file its Call Report with OFR on a quarterly basis using Form OFR-U-130-A, “Consolidated Financial Reports for Non-Deposit Trust Companies,” (rev. __/2017) (effective 1-31-96), which is hereby incorporated by reference, and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX.with OFR quarterly. Each state chartered trust company shall also timely file FFIEC Form 001, Annual Report of Trust Assets (effective 1-31-96), which is hereby incorporated by reference, with OFR annually. If mailed, the report is timely filed if it is received by OFR on or before the last day of the month following the close of the appropriate calendar quarter. The timeliness of the filing is determined by the date OFR receives the report rather than the date of the mailing postmark. A report filed electronically is timely filed upon OFR’s electronic receipt of the report on or before the last day of the month following the close of the appropriate calendar quarter. In any case in which the last day of a month following the close of the appropriate calendar quarter falls on a weekend or holiday, the report is timely filed if it is received (whether by mail or electronic means) by OFR on or before the next business day.

(4)(5) OFR shall levy a late payment penalty of $100.00 per day for each day that a required financial report is past due, unless the late payment penalty is excused for good cause such as incidental and isolated clerical errors or omissions. For intentional late filing of a financial report, OFR shall levy a late payment penalty of $1,000.00 per day for each day that a financial report is past due. All late payment penalties shall be received postmarked by OFR within 30 days after receipt of a notice from OFR.

Rulemaking Authority 655.012(2)(3), 655.045(2)(a) FS. Law Implemented 655.045(2) FS. History–New 1-31-96, Amended 4-8-98, Formerly 3C-120.0451, Amended __-__-__.

 

69U-120.730 Bank and Trust Company Assessments.

(1) Each state commercial bank and state trust company shall pay to OFR a semiannual fee of $1,000, plus a semiannual assessment based computed on total consolidated assets as shown on the state bank’s Call Report, as that term is defined in Rule 69U-120.0451, Consolidated Report of Condition of the bank or trust company as of the last business day in June and the last business day in December of each year. In the event that a state bank amends its Call Report, Consolidated Report of Condition is amended, and such amendment results in a change in total consolidated total assets, the semiannual assessment shall be based computed on the adjusted total consolidated assets reported in the amended Call Report Consolidated Report of Condition only if such report is filed postmarked on or before no later than July 31 or January 31 of the current assessment period. No adjustment will be made for amended reports filed postmarked after this date.

(2) Each state trust company shall pay to OFR a semiannual fee of $1,000, plus a semiannual assessment based on total corporate assets as reported in the state trust company’s Call Report on Form OFR-U-130A, which form is incorporated by reference in Rule 69U-120.0451, as of the last business day in June and the last business day in December of each year. In the event that a state trust company amends its Call Report, and such amendment results in a change in total corporate assets, the semiannual assessment shall be based on the adjusted total corporate assets reported in the amended Call Report only if such amended report is filed on or before July 31 or January 31 of the current assessment period. No adjustment will be made for amended reports filed after this date.

(3)(2) In addition to Tthe semiannual assessment fee in subsections subsections (1), and (2) commercial banks and state trust companies shall pay to OFR a semiannual assessment which shall be computed on the following schedule:

Assets (in thousands)	Base	Plus	of Assets Over (in thousands)
0	0	0.1200	0
50,000	6,000	0.1050	50,000
100,000	11,250	0.0850	100,000
500,000	45,250	0.0800	500,000
750,000	65,250	0.0550	750,000
1,000,000	79,000	0.0500	1,000,000
1,500,000	104,000	0.0450	1,500,000
2,000,000 2,00,000	126,500 126.500	0.0400	2,000,000

(4)(3) Payment of the semiannual assessment, if mailed, must be received by the OFR on or before January 31 and July 31 of each year. The timeliness of the payment is determined by the date the OFR receives the payment, rather than the date of the mailing postmark. Payment of the semiannual assessment, if made via wire transfer or an automated clearinghouse (ACH), must be transmitted (and reflect a transmittal date of) on or before January 31 and July 31 of each year.

(5)(4) OFR may shall levy a late payment penalty of up to $100.00 per day or part thereof for each day that a semiannual assessment payment is past due, unless it the late payment penalty is excused for good cause such as isolated clerical and other minor errors or omissions. For intentional late payment filing of a semiannual assessment, OFR shall levy an a administrative fine late payment penalty of up to $1,000.00 per day for each day that a semiannual assessment is past due.

Rulemaking Authority 655.012(2)(3), 658.73(1) FS. Law Implemented 655.047(2), 658.73(1)(b) FS. History–New 7-21-81, Amended 6-30-85, Formerly 3C-11.24, 3C-11.024, Amended 12-9-92, 8-9-93, 2-17-97, Formerly 3C-120.730, Amended __-__-__.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Marty Stubblefield, Director, Division of Financial Institutions

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 25, 2016

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 23, 2016