Current through Register Vol. 54, No. 12, March 23, 2024
(a)
Adjustments.
(1)
Adjustment to
assessments. The Department may increase the amount of assessments
generated by the calculations in §§
5.2-5.4 (relating to semiannual
assessment for banks, bank and trust companies, savings banks and savings
associations; semiannual assessment for trust companies; and semiannual
assessment for credit unions) if the projected assessments are insufficient to
provide for the Department's budget due to increased costs of
operation.
(2)
Amount of
adjustment. The increase permitted by paragraph (1) may not exceed the
percentage increase in the Consumer Price Index over the fiscal year
immediately preceding the fiscal year in which the Department submits its
proposed budget to the General Assembly, as indicated by the "Consumer Price
Index-All Urban Consumers: U.S. All Items 1982-84=100"published by the United
States Department of Labor, Bureau of Labor Statistics, or other similar index
published by the United States Department of Labor, Bureau of Labor
Statistics.
(b)
Surcharge based on condition. The Department may increase the
amount of a specific assessment generated by the calculations in §§
5.2-5.4 by:
(1) Thirty percent for a bank,
bank and trust company, savings bank, savings association, trust company or
credit union with a UFIRS or UITRS composite rating of 4.
(2) Fifty percent for a bank, bank and trust
company, savings bank, savings association, trust company or credit union with
a UFIRS or UITRS composite rating of 5.
(c)
Notice of adjustment or
surcharge. The Department will provide notice to institutions of an
increase in assessments according to subsections (a) and (b) by:
(1) A general notice within 30 days of the
enactment of the Department's budget by the General Assembly if an increase is
generated by subsection (a).
(2) A
note on each semiannual assessment invoice issued to an institution subject to
an increase generated by subsection (b).
(d)
Assessment invoicing.
The Department will round the assessments calculated under this chapter to the
nearest dollar on the semiannual assessment invoice issued to each assessed
entity.
This section cited in 10 Pa. Code §
5.6 (relating to implementation
schedule).
