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FICO Assessment
Overview
The Financing Corporation (FICO), established by the Competitive Equality Banking Act of 1987, is a mixed-ownership government corporation whose sole purpose was to function as a financing vehicle for the Federal Savings & Loan Insurance Corporation (FSLIC). Effective December 12, 1991, as provided by the Resolution Trust Corporation Refinancing, Restructuring and Improvement Act of 1991, the FICO's ability to issue new debt was terminated. Outstanding FICO bonds, which are 30-year noncallable bonds with a principal amount of approximately $8.1 billion, mature in 2017 through 2019.
The FICO has assessment authority, separate from the FDIC's authority to assess risk-based premiums for deposit insurance, to collect funds from FDIC-insured institutions sufficient to pay interest on FICO bonds. The FDIC acts as collection agent for the FICO. The Deposit Insurance Funds Act 1996 (DIFA) authorized the FICO to assess both BIF- and SAIF-insured deposits, and require the BIF rate to equal one-fifth the SAIF rate through year-end 1999, or until the insurance funds are merged, whichever occurs first. Since the first quarter of 2000, all FDIC-insured deposits have been assessed at the same rate by FICO. Effective March 31, 2006, the BIF and SAIF were merged into the newly created Deposit Insurance Fund (DIF).
The FICO assessment rate is adjusted quarterly to reflect changes in the assessment base as determined from the quarterly Call Report submissions. The FICO rates for each quarterly collection since enactment of DIFA are presented below. The rate reduction beginning with the fourth quarter of 2011 reflects the change from an assessment base computed on deposits to an assessment base computed on assets as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
FICO Rates
(annual rates, expressed in basis points) |
Quarter / year |
Invoice Payment Date |
DIF* |
BIF* |
SAIF* |
First Quarter 2013 |
Friday, December 28, 2012 |
0.640 |
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Fourth Quarter 2012 |
Friday, September 28, 2012 |
0.660 |
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Third Quarter 2012 |
Friday, June 29, 2012 |
0.660 |
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Second Quarter 2012 |
Friday, March 30, 2012 |
0.660 |
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First Quarter 2012 |
Friday, December 30, 2011 |
0.660 |
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Fourth Quarter 2011 |
Friday, September 30, 2011 |
0.680 |
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Third Quarter 2011 |
Thursday, June 30, 2011 |
1.000 |
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Second Quarter 2011 |
Wednesday, March 30, 2011 |
1.000 |
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First Quarter 2011 |
Thursday, December 30, 2010 |
1.020 |
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Fourth Quarter 2010 |
Thursday, September 30, 2010 |
1.040 |
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Third Quarter 2010 |
Wednesday, June 30, 2010 |
1.040 |
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Second Quarter 2010 |
Tuesday, March 30, 2010 |
1.040 |
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First Quarter 2010 |
Wednesday, December 30, 2009 |
1.060 |
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Fourth Quarter 2009 |
Wednesday, September 30, 2009 |
1.020 |
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Third Quarter 2009 |
Tuesday, June 30, 2009 |
1.040 |
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Second Quarter 2009 |
Monday, March 30, 2009 |
1.040 |
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First Quarter 2009 |
Tuesday, December 30, 2008 |
1.140 |
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Fourth Quarter 2008 |
Tuesday, September 30, 2008 |
1.100 |
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Third Quarter 2008 |
Monday, June 30, 2008 |
1.120 |
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Second Quarter 2008 |
Friday, March 28, 2008 |
1.120 |
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First Quarter 2008 |
Friday, December 28, 2007 |
1.140 |
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Fourth Quarter 2007 |
Friday, September 28, 2007 |
1.140 |
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Third Quarter 2007 |
Friday, June 29, 2007 |
1.140 |
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Second Quarter 2007 |
Friday, March 30, 2007 |
1.220 |
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First Quarter 2007 |
Tuesday, January 02, 2007 |
1.220 |
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Fourth Quarter 2006 |
Friday, September 29, 2006 |
1.240 |
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Third Quarter 2006 |
Friday, June 30, 2006 |
1.260 |
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Second Quarter 2006 |
Thursday, March 30, 2006 |
1.280 |
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First Quarter 2006 |
Tuesday, January 03, 2006 |
1.320 |
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Fourth Quarter 2005 |
Friday, September 30, 2005 |
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1.340 |
1.340 |
Third Quarter 2005 |
Thursday, June 30, 2005 |
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1.340 |
1.340 |
Second Quarter 2005 |
Wednesday, March 30, 2005 |
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1.420 |
1.420 |
First Quarter 2005 |
Monday, January 03, 2005 |
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1.440 |
1.440 |
Fourth Quarter 2004 |
Thursday, September 30, 2004 |
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1.460 |
1.460 |
Third Quarter 2004 |
Wednesday, June 30, 2004 |
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1.480 |
1.480 |
Second Quarter 2004 |
Tuesday, March 30, 2004 |
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1.540 |
1.540 |
First Quarter 2004 |
Friday, January 02, 2004 |
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1.540 |
1.540 |
Fourth Quarter 2003 |
Tuesday, September 30, 2003 |
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1.520 |
1.520 |
Third Quarter 2003 |
Monday, June 30, 2003 |
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1.600 |
1.600 |
Second Quarter 2003 |
Friday, March 28, 2003 |
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1.620 |
1.620 |
First Quarter 2003 |
Thursday, January 02, 2003 |
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1.680 |
1.680 |
Fourth Quarter 2002 |
Monday, September 30, 2002 |
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1.700 |
1.700 |
Third Quarter 2002 |
Friday, June 28, 2002 |
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1.720 |
1.720 |
Second Quarter 2002 |
Friday, March 29, 2002 |
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1.760 |
1.760 |
First Quarter 2002 |
Wednesday, January 02, 2002 |
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1.820 |
1.820 |
Fourth Quarter 2001 |
Friday, September 28, 2001 |
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1.840 |
1.840 |
Third Quarter 2001 |
Friday, June 29, 2001 |
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1.880 |
1.880 |
Second Quarter 2001 |
Friday, March 30, 2001 |
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1.900 |
1.900 |
First Quarter 2001 |
Tuesday, January 02, 2001 |
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1.960 |
1.960 |
Fourth Quarter 2000 |
Friday, September 29, 2000 |
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2.020 |
2.020 |
Third Quarter 2000 |
Friday, June 30, 2000 |
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2.060 |
2.060 |
Second Quarter 2000 |
Thursday, March 30, 2000 |
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2.080 |
2.080 |
First Quarter 2000 |
Monday, January 03, 2000 |
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2.120 |
2.120 |
Fourth Quarter 1999 |
Thursday, September 30, 1999 |
  |
1.184 |
5.920 |
Third Quarter 1999 |
Wednesday, June 30, 1999 |
  |
1.160 |
5.800 |
Second Quarter 1999 |
Tuesday, March 30, 1999 |
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1.176 |
5.880 |
First Quarter 1999 |
Monday, January 04, 1999 |
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1.220 |
6.100 |
Fourth Quarter 1998 |
Wednesday, September 30, 1998 |
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1.164 |
5.820 |
Third Quarter 1998 |
Tuesday, June 30, 1998 |
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1.220 |
6.100 |
Second Quarter 1998 |
Monday, March 30, 1998 |
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1.244 |
6.220 |
First Quarter 1998 |
Friday, January 02, 1998 |
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1.256 |
6.280 |
Fourth Quarter 1997 |
Tuesday, September 30, 1997 |
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1.264 |
6.320 |
Third Quarter 1997 |
Monday, June 30, 1997 |
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1.260 |
6.300 |
Second Quarter 1997 |
Friday, March 28, 1997 |
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1.300 |
6.500 |
First Quarter 1997 |
Thursday, January 02, 1997 |
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1.296 |
6.480 |
* Effective March 31, 2006, the BIF and SAIF were merged into the newly created Deposit Insurance Fund (DIF).
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