Bank and Savings Bank Supervisory fees
Issued and entered June 28, 2002 by Frank M. Fitzgerald, Commissioner of Financial and Insurance Services
This bulletin supersedes Bank Bulletin No. 2, dated July 1, 1999, and supervisory fee schedules previously issued pursuant to the Michigan Savings Bank Act.
Section 2203 of the Michigan Banking Code of 1999 and Section 210 of the Michigan Savings Bank Act require the Commissioner periodically to establish a schedule of supervisory fees and require each bank and savings bank to pay an annual supervisory fee. The following supervisory fee schedule has been established by the Commissioner and is effective July 1, 2002.
NOTE: MCL 487.12203(1) and 487.3210(1) limit the annual supervisory fee to not more than 25 cents for each $1,000 of total assets of the bank. This limitation does not apply to the minimum fee, established this year at $1,000.00.
Holding company subsidiary banks and savings banks which are not the lead banks in their holding companies will receive a 10% discount from the fees scheduled above.
Section 2203(6) of the Banking Code of 1999 and Section 210(6) of the Savings Bank Act require the Commissioner periodically to establish a schedule of fees beyond those charged for normal supervision. Accordingly, the Commissioner has established a surcharge, to be calculated as a percentage of the annual supervisory fee, that will be assessed as follows to banks and savings banks that have been rated by this agency or federal regulators as composite CAMELS 3, 4, or 5.
Any questions regarding this bulletin should be directed to:
Office of Financial and Insurance Services
Phone: (517) 373-6950