Last December, every bank prepaid 3¼ years of FDIC assessments, and now holds a non-interest-earning prepaid assessments asset on its books. Banks will use this asset over the next few years to pay their actual assessments as they come due. However, the FDIC does allow transfers of prepaid assessments between banks. In some cases, banks may prefer to sell a portion, or their entire balance, prematurely to gain liquidity, while others may seek to buy additional assessments.

 

This telephone briefing presents the Prepaid Assessments Marketplace, developed by Promontory Interfinancial Network, LLC, in coordination with the American Bankers Association -- where buyers and sellers can be matched up -- free of charge.

 

There will also be discussion of the accounting and tax implications of transferring prepaid assessments.

• Rob Strand, Senior Economist, American Bankers Association, Washington, DC (moderator)
• H. D. Barkett, Managing Director, Promontory Interfinancial Network, LLC, Arlington, VA
• Don Daily, Vice President, Product & Risk Management, Promontory Interfinancial Network, LLC, Arlington, VA
• Michael Gullette, Vice President, Accounting and Financial Management, American Bankers Association, Washington, DC
• Fran Mordi, Senior Tax Counsel, American Bankers Association, Washington, DC

• Donna Fisher, Senior Vice President, Tax and Accounting, American Bankers Association, Washington, DC
• Stephanie Kuroda, Vice President, Marketing, Promontory Interfinancial Network, LLC, Arlington, VA 
• Linda J. Soldo, Partner, Cleary Gottlieb Steen & Hamilton LLP, Washington, DC