(a) Collection
date. Each assessed company shall remit to the Federal Reserve
the amount of its assessment using the Fedwire Funds Service by September
15 of the calendar year following the assessment period, or, for the
2012 assessment period, by a date specified in the notice of assessment
for that assessment period.
(b) Payment
of interest.
(1)
If the Board does not receive the total amount of an assessed company’s
assessment by the collection date for any reason not attributable
to the Board, the assessment will be delinquent and the assessed company
shall pay to the Board interest on any sum owed to the Board according
to this rule (delinquent payments).
(2) Interest on delinquent payments will be assessed beginning on
the first calendar day after the collection date, and on each calendar
day thereafter up to and including the day payment is received. Interest
will be simple interest, calculated for each day payment is delinquent
by multiplying the daily equivalent of the applicable interest rate
by the amount delinquent. The rate of interest will be the United
States Treasury Department’s current value of funds rate (the “CVFR
percentage”); issued under the Treasury Fiscal Requirements Manual
and published quarterly in the Federal Register. Each delinquent
payment will be charged interest based on the CVFR percentage applicable
to the quarter in which all or part of the assessment goes unpaid.