FDIC AUTHORIZED TO MAKE MID-YEAR ADJUSTMENTS IN ASSESSMENT RATES.

SEC. 2003. FDIC AUTHORIZED TO MAKE MID-YEAR ADJUSTMENTS IN ASSESSMENT RATES. (a) Assessment Rates.—Section 7(b)(l)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(l)(A)) is amended to read as follows: “(A) Assessment rates prescribed.— “(i) Authority to set rates.—Subject to clause (iii), the Corporation shall set assessment rates for insured depository institutions at such times as the Corporation, in its sole discretion, determines to be appropriate. 104 STAT. 1388–16 “(ii) Rate for each fund to be set independently.—The Corporation shall fix the assessment rate of Bank Insurance Fund members independently from the assessment rate for Savings Association Insurance Fund members. “(iii) Deadline for announcing rate changes.—The Corporation shall announce any change in assessment rates.— “(I) for the semiannual period beginning on January 1 and ending on June 30, not later than the preceding November 1; and “(II) for the semiannual period beginning on July 1 and ending on December 31, not later than the preceding May 1.”. (b) Assessment Procedures.—Section 7(b)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1817(b)(2)(A)), as amended by section 2(c) of this Act, is amended— (1) by striking “annual” each time it appears; (2) in clause (i)(D, by inserting “during that semiannual period” after “member”; and (3) in clause (ii)(I), by inserting “during that semiannual period” after “member”. (c) Conforming Amendment on Timing of Assessment Cred-its.—Section 7(d)(1)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1817(d)(1)(A)) is amended to read as follows: “(A) The Corporation shall prescribe and publish the aggregate amount to be credited to insured depository institutions— “(i) in the semiannual period beginning on January 1 and ending on June 30, not later than the preceding November 1; and “(ii) in the semiannual period beginning on July 1 and ending on December 31, not later than the preceding May 1.”.