Banks are getting a break on charges they pay to the Workplace of the Comptroller of the Foreign money as a thanks for his or her response to the coronavirus. The OCC Monday issued an interim remaining rule saying it might cost a decrease evaluation to the banks that it oversees in September, partially as a result of their property swelled as they participated in packages just like the Paycheck Safety Program, which supplied government-backed loans to small companies shut down by the pandemic. “Banks should not be penalized by these efforts to support our national recovery,” Performing Comptroller Brian Brooks mentioned in a press release. The OCC normally assesses charges on the nationwide banks it oversees each six months, with charges due March 31 and Sept. 30. The Sept. 30 charges are assessed based mostly on a bank’s asset measurement on June 30. The regulator will set charges for a bank based mostly on its asset ranges on Dec. 31, 2019, moderately than June 2020, leading to decrease charges for many banks, the OCC mentioned in its interim remaining rule. If a bank’s property are decrease on June 30, the OCC will assess charges based mostly on the decrease asset value, leading to all banks getting a break. The OCC had beforehand decreased assessments on banks by 10% in 2019 and had deliberate to decrease the charges it costs banks by a further 10% for 2020. The OCC’s announcement comes after Brooks made a number of industry-friendly strikes since taking up as performing comptroller in May.