The Federal Deposit Insurance Corporation (FDIC) adopted a rule that required insured depository institutions to prepay, on December 30, 2009, their quarterly assessments for all of 2010, 2011, and 2012.
In response to a request from the American Bankers Association, Promontory created Prepaid Assessment Marketplace an online marketplace that facilitates the transfer of prepaid assessments (“credits”). The password-protected website helps to match prospective buyers and sellers of these credits. The site also provides a contract template and other useful information.
Banks do not have to be members of the Promontory Network to use this new service. Promontory bears the full cost of operating the marketplace, and banks that use it will not be charged any fees for doing so.
Promontory’s role is limited to operating the marketplace, and Promontory does not act as a broker or “clear” these transactions – indeed, transfers can only be made through the FDIC (via its electronic system FDICconnect) and after notice to the FDIC, which retains the right to reject any transfer on supervisory or other grounds.
Depository institutions that are interested in learning more may contact Promontory’s Treasury Desk at (866) 776-6426 or Treasury_Desk@promnetwork.com. Alternatively, they can register for Prepaid Assessment Marketplace online.