§ 502.4 - Collection of fees and assessments.

(a) Debit at Federal Home Loan Banks. Each institution that is subject to fees and assessments under §§ 502.1 and 502.2 of this part and a member of a Federal Home Loan Bank, shall establish at its Federal Home Loan Bank a demand deposit account for the purpose of paying such fees and assessments. Each institution shall maintain funds in such account in sufficient amount to pay its obligations to the Office. Each Federal Home Loan Bank shall debit such account directly to effectuate payment of assessments and fees to the Office. The Director shall mail a payment notice to each such institution at least seven days prior to the date that any such account is to be debited to pay the member institution's obligations to the Office, which notice shall specify the date on which the debit is to occur. The Director shall also notify each Federal Home Loan Bank that such accounts are to be debited.

(b) Direct billing of institutions. As an alternative to the payment mechanism described in paragraph (a) of this section, the Director may collect assessments and fees by sending notice and demand for direct payment thereof to an assessed institution. In such case, the institution shall pay the assessment or fee not later than the date specified in the notice which shall be at least seven days after the date of such notice. This payment procedure shall be used to collect assessments and fees from assessed institutions that are not members of a Federal Home Loan Bank or are affiliates that are not savings associations.

(c) Failure to Pay. If any holding company, affiliate, or subsidiary of a savings association fails to pay any fee before the end of the 60-day period beginning on the date such fee is imposed, following the end of the 60-day period, the Director may assess such fee, including interest, against and collect it from such savings association. If any such entity is a holding company, subsidiary, or affiliate of more than one savings association, the fee may be levied against each such savings association in such proportion as the Director may prescribe.

(d) In the case of any savings association for which the Office has determined to appoint the Resolution Trust Corporation as conservator or receiver, the Office may obtain payment from such savings association for fees or assessments due and outstanding under § 502.1, 502.2 or 502.3 of this part by debiting its account at its local Federal Home Loan Bank or by direct billing pursuant to paragraph (b) of this section.