2016-17 Annual Assessment :
The California Financial Code authorizes the Commissioner of the Department of Business Oversight (DBO/Department) to annually assess from all state chartered financial institutions an amount sufficient to meet the expenses of the Department in administering its statutory licensing and examination functions, as well as to provide for a reasonable reserve for contingencies.
Each year, the DBO undertakes a review of projected revenues and expenditures as part of its process of assessment determination. This year, the base rate was set at $1.39 per $1,000 of assets, the same as last year’s rate. Invoices were mailed on July 1. The assessment must be paid in full by August 1, 2016 unless your institution elects to pay by electronic funds transfer (EFT). Payments by EFT are due no later than August 8, 2016.
Financial institutions wishing to pay by EFT should route their payments in the form of an ACH (CCD or CTX payment format) to the routing and account numbers below.
Please include the invoice number with your EFT payment.
Account Owner: Department of Business Oversight
Account Name: EFT Account
Account Number: 10440639
Routing Number: 021052053
If you have any questions about the calculation of the assessment for your financial institution, please refer to “How to Calculate Your Assessment” on the DBO website here: www.dbo.ca.gov/Resources/calculator/Calculate_Assessment_Industrial_Banks_16.pdf or contact Patrick Carroll, Strategic Support Manager, at (415) 263-8559, or by email at Patrick.Carroll@dbo.ca.gov. Any questions regarding the payment processing of the assessment should be directed to Zankhana Mehta at (916) 445-2284 or by email at Zankhana.Mehta@dbo.ca.gov.