On January 12, 2018, the Federal Reserve Board announced that it had finalized its rule about maximum civil money penalties. This action was taken in response to a law that directed federal agencies to change their limits each year for inflation, as opposed to every four years. Release.
civil money penalty
Civil Money Penalties: Notice Adjusting Civil Money Penalties for 2018
On January 16, 2018, the Office of the Comptroller of the Currency announced that it had finalized its rule about maximum civil money penalties. This action was taken in response to a law that directed federal agencies to change their limits each year for inflation, as opposed to every four years.
The OCC Publishes Final Rule Adjusting Civil Money Penalties for Inflation
On January 27, 2017, the Office of the Comptroller of the Currency (the “OCC“) published a final rule amending its rules of practice and procedure for national banks and in adjudicatory proceedings for federal savings associations. The final rule adjusts the maximum amount of each civil money penalty within the OCC’s jurisdiction to account for inflation. The effective date of the final rule is January 27, 2017, and the adjusted maximum amounts apply to penalties assessed after January 15, 2017 for violations occurring on or after November 2, 2015. Press Release. Final Rule.
Interim Final Rule Regarding Inflation-Adjusted Civil Money Penalties
On July 1, 2016, the Office of the Comptroller of the Currency (OCC) published an interim final rule that amends its rules of practice for national banks and federal savings associations to adjust the maximum amount of each civil money penalty (“CMP”) within its jurisdiction. The effective date of the rule is August 1, 2016, and the adjustments apply only to penalties assessed on or after such date. The interim final rule includes revisions to charts that set forth the inflation-adjusted maximum CMPs and an addition of a new penalty that makes it unlawful for a creditor who extends credit or provides services for a consumer credit transaction secured by the consumer’s principal dwelling to engage in acts that violate the appraiser independence requirements, among other changes. Press Release. Interim Final Rule.