Total Assets Law and Legal Definition

According to 12 CFR 6.2 [Title 12 Banks and Banking; Chapter I Comptroller of the Currency, Department of the Treasury; Part 5 Rules, Policies, and Procedures for Corporate Activities; Part 6 Prompt Corrective Action], total assets means "quarterly average total assets as reported in a bank's Consolidated Reports of Condition and Income (Call Report), minus intangible assets as provided in the definition of tangible equity. The Office of the Comptroller of the Currency reserves the right to require a bank to compute and maintain its capital ratios on the basis of actual, rather than average, total assets when computing tangible equity."