83 FR 1517 - Rules of Practice and Procedure; Rules of Practice and Procedure in Adjudicatory Proceedings; Civil Money Penalty Inflation Adjustments
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency Federal Register Volume 83, Issue 9 (January 12, 2018)
Office of the Comptroller of the Currency
Federal Register Volume 83, Issue 9 (January 12, 2018)
| Page Range | 1517-1519 | |
| FR Document | 2018-00536 |
[Federal Register Volume 83, Number 9 (Friday, January 12, 2018)] [Rules and Regulations] [Pages 1517-1519] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-00536] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency 12 CFR Parts 19 and 109 [Docket ID OCC-2018-0001] RIN 1557-AE14 Rules of Practice and Procedure; Rules of Practice and Procedure in Adjudicatory Proceedings; Civil Money Penalty Inflation Adjustments AGENCY: Office of the Comptroller of the Currency, Treasury. ACTION: Final rule. ----------------------------------------------------------------------- SUMMARY: The Office of the Comptroller of the Currency (OCC) is amending its rules of practice and procedure for national banks and its rules of practice and procedure in adjudicatory proceedings for Federal savings associations to remove the chart listing the maximum dollar amount of civil money penalties the OCC has authority to assess. DATES: This rule is effective on January 12, 2018. FOR FURTHER INFORMATION CONTACT: Kevin Korzeniewski, Counsel, Legislative and Regulatory Activities Division, (202) 649-5490, or, for persons who are deaf or hearing impaired, TTY, (202) 649-5597. SUPPLEMENTARY INFORMATION: I. Background The Federal Civil Penalties Inflation Adjustment Act of 1990 (the 1990 Adjustment Act),\1\ as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (the 2015 Adjustment Act),\2\ requires Federal agencies to adjust the amount of their civil money penalties (CMPs) \3\ for inflation by January 15 of each year, and requires the Office of Management and Budget (OMB) to issue guidance to Federal agencies not later than December 15 of each year, on implementing the required inflation adjustments. --------------------------------------------------------------------------- \1\ Public Law 101-410, Oct. 5, 1990, 104 Stat. 890, codified at 28 U.S.C. 2461 note. \2\ Public Law 114-74, Title VII, section 701(b), Nov. 2, 2015, 129 Stat. 599, codified at 28 U.S.C. 2461 note. \3\ The 2015 Adjustment Act defined a ``civil monetary penalty'' to mean ``any penalty, fine, or other sanction that is for a specific monetary amount as provided by Federal law; or has a maximum amount provided for by Federal law; and is assessed or enforced by an agency pursuant to Federal law; and is assessed or enforced pursuant to an administrative proceeding or a civil action in the Federal courts.'' 28 U.S.C. 2461 note, section 3(2). Thus, a penalty based on another measure, such as a percentage of total assets, need not be adjusted. --------------------------------------------------------------------------- On January 27, 2017, the OCC published a final rule amending its rules of practice and procedure for national banks and its rules of practice and procedure in adjudicatory proceedings for Federal savings associations to adjust the maximum amount of each CMP within its jurisdiction to administer for inflation.\4\ The final rule also changed the method for making subsequent inflation adjustments, consistent with the 2015 Adjustment Act and OMB guidance.\5\ Specifically, sections 19.240(a) and 109.103(c)(1) of the rule codified the formula for making inflation adjustments for national banks and Federal savings associations, respectively. Sections 19.240(b) and 109.103(c)(2) of the rule provided a chart of penalties applicable during 2017. Sections 19.240(c) and 109.103(c)(3) also provided that notice of the maximum penalties which may be assessed for calendar years after 2017 will be published as a notice in the Federal Register on an annual basis on or before January 15 of each calendar year.\6\ --------------------------------------------------------------------------- \4\ 82 FR 8584 (January 27, 2017). \5\ See OMB Memorandum M-18-03, ``Implementation of the 2018 annual adjustment pursuant to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015,'' at 4, which permits agencies that have codified the formula to adjust CMPs for inflation to update the penalties through a notice rather than a regulation. \6\ To the extent an agency has codified a CMP amount in its regulations, the agency would need to update that amount by regulation. However, if an agency has codified the formula for making the CMP adjustments, then subsequent adjustments can be made solely by notice. See OMB Memorandum M-18-03, ``Implementation of the 2018 annual adjustment pursuant to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015,'' at 4. --------------------------------------------------------------------------- [[Page 1518]] II. Description of the Final Rule Because the OCC will annually publish the maximum amount of CMPs the agency has authority to assess through a notice in the Federal Register, the CMP amounts listed in the charts at 12 CFR 19.240(b) and 109.103(c)(2) are out of date. Therefore, in order to avoid any confusion, the OCC is deleting the charts in sections 19.240(b) and 109.103(c)(2). The OCC is also making technical and conforming amendments in sections 19.240 and 109.103(c) to delete references to those charts, while retaining a description of the formula used to make the inflation adjustments and information on how the OCC will publish notice of the adjustments going forward. A complete list of the maximum amount of CMPs that can be assessed by the OCC during the current calendar year for violations that occurred on or after November 2, 2015, is also being published today in the Federal Register.\7\ --------------------------------------------------------------------------- \7\ Penalties assessed for violations occurring prior to November 2, 2015, will be subject to the maximum amounts set forth in the OCC's regulations in effect prior to the enactment of the 2015 Adjustment Act. --------------------------------------------------------------------------- III. Regulatory Analysis A. Administrative Procedure Act The Administrative Procedure Act (APA) generally requires that an agency publish a general notice of proposed rulemaking in the Federal Register, unless an exception applies. In this case, the OCC finds an exception for good cause that a general notice of proposed rulemaking would be unnecessary, as the only changes in this final rule are technical amendments to remove outdated information regarding the OCC's maximum CMP amounts and update related cross-references. B. Delayed Effective Date Section 302 of the Riegle Community Development and Regulatory Improvement Act of 1994 \8\ (RCDRIA) requires that the effective date of new regulations and amendments to regulations that impose additional reporting, disclosures, or other new requirements on insured depository institutions shall be the first day of a calendar quarter that begins on or after the date the regulations are published in final form. 12 U.S.C. 4802(b)(1). The RCDRIA does not apply to this final rule because the rule does not impose any additional reporting, disclosures, or other new requirements. --------------------------------------------------------------------------- \8\ 12 U.S.C. 4802. --------------------------------------------------------------------------- C. Regulatory Flexibility Act The Regulatory Flexibility Act (RFA) requires that the agency determine the rule's impact on small entities and consider options to reduce any significant economic impact on a substantial number of small entities. The RFA applies only to rules for which an agency publishes a general notice of proposed rulemaking pursuant to 5 U.S.C. 553(b).\9\ Because the 2015 Adjustment Act specifically exempted agencies' annual adjustments from the requirements of the APA,\10\ the OCC is not issuing a general notice of proposed rulemaking. Therefore, the RFA does not apply to this final rule. --------------------------------------------------------------------------- \9\ 5 U.S.C. 601(2). \10\ 28 U.S.C. 2461 note, section 4(b)(2) (``the head of an agency shall adjust civil money penalties and shall make the adjustment notwithstanding section 553 of title 5, United States Code''). --------------------------------------------------------------------------- D. Unfunded Mandates Reform Act of 1995 Section 202 of the Unfunded Mandates Reform Act of 1995 requires that an agency prepare a budgetary impact statement before promulgating any rule likely to result in a Federal mandate that may result in the expenditure by State, local, and tribal governments, in the aggregate, or by the private sector of $100 million or more, as adjusted for inflation, in any one year.\11\ The Unfunded Mandates Reform Act only applies when an agency issues a general notice of proposed rulemaking. Because the OCC is not issuing a general notice of proposed rulemaking, this final rule is not subject to section 202 of the Unfunded Mandates Reform Act. --------------------------------------------------------------------------- \11\ 2 U.S.C. 1532. --------------------------------------------------------------------------- E. Paperwork Reduction Act Under the Paperwork Reduction Act of 1995 (PRA),\12\ the OCC may not conduct or sponsor, and notwithstanding any other provision of law, a person is not required to respond to, an information collection unless the information collection displays a valid OMB control number. The final rule contains no information collection requirements under the PRA. --------------------------------------------------------------------------- \12\ 44 U.S.C. 3501 et seq. --------------------------------------------------------------------------- List of Subjects 12 CFR Part 19 Administrative practice and procedure, Crime, Equal access to justice, Investigations, National banks, Penalties, Securities. 12 CFR Part 109 Administrative practice and procedure, Federal savings associations, Penalties. Authority and Issuance For the reasons set out in the preamble, parts 19 and 109 of chapter I of title 12 of the Code of Federal Regulations are amended as follows: PART 19--RULES OF PRACTICE AND PROCEDURE 0 1. The authority citation for part 19 is revised to read as follows: Authority: 5 U.S.C. 504, 554-557; 12 U.S.C. 93(b), 93a, 164, 481, 504, 1817, 1818, 1820, 1831m, 1831o, 1832, 1884, 1972, 3102, 3108(a), 3110, 3909, and 4717; 15 U.S.C. 78(h) and (i), 78o-4(c), 78o-5, 78q-1, 78s, 78u, 78u-2, 78u-3, 78w, and 1639e; 28 U.S.C. 2461 note; 31 U.S.C. 330 and 5321; and 42 U.S.C. 4012a. 0 2. Section 19.240 is revised to read as follows: Sec. 19.240 Inflation adjustments. (a) Statutory formula to calculate inflation adjustments. The OCC is required by statute to annually adjust for inflation the maximum amount of each civil money penalty within its jurisdiction to administer. The inflation adjustment is calculated by multiplying the maximum dollar amount of the civil money penalty for the previous calendar year by the cost-of-living inflation adjustment multiplier provided annually by the Office of Management and Budget and rounding the total to the nearest dollar. (b) Notice of inflation adjustments. The OCC will publish notice in the Federal Register of the maximum penalties which may be assessed on an annual basis on or before January 15 of each calendar year based on the formula in paragraph (a) of this section, for penalties assessed on, or after, the date of publication of the most recent notice related to conduct occurring on, or after, November 2, 2015. PART 109--RULES OF PRACTICE AND PROCEDURE IN ADJUDICATORY PROCEEDINGS 0 3. The authority citation for part 109 is revised to read as follows: Authority: 5 U.S.C. 504, 554-557; 12 U.S.C. 1464, 1467, 1467a, 1468, 1817, 1818, 1820(k), 1829(e), 1832, 1884, 1972, 3349, 4717, 5412(b)(2)(B); 15 U.S.C. 78(l), 78o-5, 78u-2, 1639e; 28 U.S.C. 2461 note; 31 U.S.C. 5321; and 42 U.S.C. 4012a. 0 4. Section 109.103 is amended by revising paragraph (c) to read as follows: [[Page 1519]] Sec. 109.103 Civil money penalties. * * * * * (c) Maximum amount of civil money penalties--(1) Statutory formula. The OCC is required by statute to annually adjust for inflation the maximum amount of each civil money penalty within its jurisdiction to administer. The inflation adjustment is calculated by multiplying the maximum dollar amount of the civil money penalty for the previous calendar year by the cost-of-living inflation adjustment multiplier provided annually by the Office of Management and Budget and rounding the total to the nearest dollar. (2) Notice of inflation adjustments. The OCC will publish notice in the Federal Register of the maximum penalties which may be assessed on an annual basis on, or before, January 15 of each calendar year based on the formula in paragraph (a) of this section, for penalties assessed on, or after, the date of publication of the most recent notice related to conduct occurring on or after November 2, 2015. Dated: January 9, 2018. Karen Solomon, Acting Senior Deputy Comptroller and Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2018-00536 Filed 1-11-18; 8:45 am] BILLING CODE 4810-33-P
![Federal Register / Vol. 83, No. 9 / Friday, January 12, 2018 / Rules and Regulations 1517
U.S.C. 552 and 553, the NRC is adopting (b) * * * 2015 (the 2015 Adjustment Act),2
the following amendments to 10 CFR (1) * * * requires Federal agencies to adjust the
parts 2 and 13: (ii) Contains or is accompanied by an amount of their civil money penalties
express certification or affirmation of (CMPs) 3 for inflation by January 15 of
PART 2—AGENCY RULES OF the truthfulness and accuracy of the each year, and requires the Office of
PRACTICE AND PROCEDURE contents of the statement, shall be Management and Budget (OMB) to issue
subject, in addition to any other remedy guidance to Federal agencies not later
■ 1. The authority citation for part 2
that may be prescribed by law, to a civil than December 15 of each year, on
continues to read as follows:
penalty of not more than $11,181 for implementing the required inflation
Authority: Atomic Energy Act of 1954, each such statement.
secs. 29, 53, 62, 63, 81, 102, 103, 104, 105, adjustments.
* * * * *
161, 181, 182, 183, 184, 186, 189, 191, 234 On January 27, 2017, the OCC
(42 U.S.C. 2039, 2073, 2092, 2093, 2111, Dated in Rockville, Maryland, this 28th published a final rule amending its rules
2132, 2133, 2134, 2135, 2201, 2231, 2232, day of December, 2017. of practice and procedure for national
2233, 2234, 2236, 2239, 2241, 2282); Energy For the Nuclear Regulatory Commission.
Reorganization Act of 1974, secs. 201, 206
banks and its rules of practice and
Frederick D. Brown, procedure in adjudicatory proceedings
(42 U.S.C. 5841, 5846); Nuclear Waste Policy
Act of 1982, secs. 114(f), 134, 135, 141 (42 Acting Executive Director for Operations. for Federal savings associations to
U.S.C. 10134(f), 10154, 10155, 10161); [FR Doc. 2018–00368 Filed 1–11–18; 8:45 am] adjust the maximum amount of each
Administrative Procedure Act (5 U.S.C. 552, BILLING CODE 7590–01–P CMP within its jurisdiction to
553, 554, 557, 558); National Environmental administer for inflation.4 The final rule
Policy Act of 1969 (42 U.S.C. 4332); 44 U.S.C.
also changed the method for making
3504 note.
DEPARTMENT OF THE TREASURY subsequent inflation adjustments,
Section 2.205(j) also issued under 28
U.S.C. 2461 note. consistent with the 2015 Adjustment
Office of the Comptroller of the Act and OMB guidance.5 Specifically,
■ 2. In § 2.205, revise paragraph (j) to Currency sections 19.240(a) and 109.103(c)(1) of
read as follows: the rule codified the formula for making
12 CFR Parts 19 and 109
§ 2.205 Civil penalties. inflation adjustments for national banks
[Docket ID OCC–2018–0001] and Federal savings associations,
* * * * *
(j) Amount. A civil monetary penalty RIN 1557–AE14 respectively. Sections 19.240(b) and
imposed under Section 234 of the 109.103(c)(2) of the rule provided a
Atomic Energy Act of 1954, as amended, Rules of Practice and Procedure; chart of penalties applicable during
or any other statute within the Rules of Practice and Procedure in 2017. Sections 19.240(c) and
jurisdiction of the Commission that Adjudicatory Proceedings; Civil Money 109.103(c)(3) also provided that notice
provides for the imposition of a civil Penalty Inflation Adjustments of the maximum penalties which may
penalty in an amount equal to the be assessed for calendar years after 2017
AGENCY: Office of the Comptroller of the
amount set forth in Section 234, may will be published as a notice in the
Currency, Treasury.
not exceed $290,875 for each violation. Federal Register on an annual basis on
If any violation is a continuing one, ACTION: Final rule.
or before January 15 of each calendar
each day of such violation shall SUMMARY: The Office of the Comptroller year.6
constitute a separate violation for the of the Currency (OCC) is amending its
purposes of computing the applicable rules of practice and procedure for 2 Public Law 114–74, Title VII, section 701(b),
civil penalty. national banks and its rules of practice Nov. 2, 2015, 129 Stat. 599, codified at 28 U.S.C.
2461 note.
PART 13—PROGRAM FRAUD CIVIL and procedure in adjudicatory 3 The 2015 Adjustment Act defined a ‘‘civil
REMEDIES proceedings for Federal savings monetary penalty’’ to mean ‘‘any penalty, fine, or
associations to remove the chart listing other sanction that is for a specific monetary
■ 3. The authority citation for part 13 the maximum dollar amount of civil amount as provided by Federal law; or has a
money penalties the OCC has authority maximum amount provided for by Federal law; and
continues to read as follows: is assessed or enforced by an agency pursuant to
Authority: 31 U.S.C. 3801 through 3812;
to assess. Federal law; and is assessed or enforced pursuant
44 U.S.C. 3504 note. DATES: This rule is effective on January to an administrative proceeding or a civil action in
12, 2018. the Federal courts.’’ 28 U.S.C. 2461 note, section
Section 13.3 also issued under 28 U.S.C. 3(2). Thus, a penalty based on another measure,
2461 note. Section 13.13 also issued under 31 FOR FURTHER INFORMATION CONTACT: such as a percentage of total assets, need not be
U.S.C. 3730. Kevin Korzeniewski, Counsel, adjusted.
■ 4. In § 13.3, revise paragraphs Legislative and Regulatory Activities 4 82 FR 8584 (January 27, 2017).
5 See OMB Memorandum M–18–03,
(a)(1)(iv) and (b)(1)(ii) to read as follows: Division, (202) 649–5490, or, for persons
‘‘Implementation of the 2018 annual adjustment
who are deaf or hearing impaired, TTY, pursuant to the Federal Civil Penalties Inflation
§ 13.3 Basis for civil penalties and (202) 649–5597. Adjustment Act Improvements Act of 2015,’’ at 4,
assessments. which permits agencies that have codified the
SUPPLEMENTARY INFORMATION:
(a) * * * formula to adjust CMPs for inflation to update the
(1) * * * I. Background penalties through a notice rather than a regulation.
(iv) Is for payment for the provision 6 To the extent an agency has codified a CMP
The Federal Civil Penalties Inflation
sradovich on DSK3GMQ082PROD with RULES
of property or services which the person amount in its regulations, the agency would need
Adjustment Act of 1990 (the 1990 to update that amount by regulation. However, if an
has not provided as claimed, shall be
Adjustment Act),1 as amended by the agency has codified the formula for making the
subject, in addition to any other remedy CMP adjustments, then subsequent adjustments can
Federal Civil Penalties Inflation
that may be prescribed by law, to a civil be made solely by notice. See OMB Memorandum
Adjustment Act Improvements Act of M–18–03, ‘‘Implementation of the 2018 annual
penalty of not more than $11,181 for
adjustment pursuant to the Federal Civil Penalties
each such claim. 1 Public Law 101–410, Oct. 5, 1990, 104 Stat. 890, Inflation Adjustment Act Improvements Act of
* * * * * codified at 28 U.S.C. 2461 note. 2015,’’ at 4.
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![Federal Register / Vol. 83, No. 9 / Friday, January 12, 2018 / Rules and Regulations 1519
§ 109.103 Civil money penalties. Adjustment Act.1 The intended effect of Adjustment Act.9 The 2015 Adjustment
* * * * * annually adjusting maximum civil Act requires annual adjustments to be
(c) Maximum amount of civil money money penalties in accordance with made by January 15 of each year.10
penalties—(1) Statutory formula. The changes in the Consumer Price Index is Although the 2015 Adjustment Act
OCC is required by statute to annually to minimize any distortion in the real increases the maximum penalty that
adjust for inflation the maximum value of those maximums due to may be assessed under each applicable
amount of each civil money penalty inflation, thereby promoting a more statute, the FDIC possesses discretion to
within its jurisdiction to administer. consistent deterrent effect in the impose CMP amounts below the
The inflation adjustment is calculated structure of CMPs.
maximum level in accordance with the
by multiplying the maximum dollar severity of the misconduct at issue. For
II. Background
amount of the civil money penalty for
example, when making a determination
the previous calendar year by the cost- The FDIC assesses CMPs under as to the appropriate level of a penalty
of-living inflation adjustment multiplier section 8(i) of the Federal Deposit assessed under section 8(i)(2) of the
provided annually by the Office of Insurance Act (FDIA), 12 U.S.C. 1818, FDIA, 12 U.S.C. 1818(i)(2), the FDIC is
Management and Budget and rounding and a variety of other statutes.2 Congress guided by statutory factors set forth in
the total to the nearest dollar. established maximum penalties that
(2) Notice of inflation adjustments. section 8(i)(2)(G) of the FDIA, 12 U.S.C.
could be assessed under these statutes.
The OCC will publish notice in the 1818(i)(2)(G), and those factors
In many cases, these statutes contain
Federal Register of the maximum identified in the Interagency Policy
multiple penalty tiers, permitting the
penalties which may be assessed on an Statement Regarding the Assessment of
assessment of penalties at various levels
annual basis on, or before, January 15 of CMPs by the Federal Financial
depending upon the severity of the
each calendar year based on the formula misconduct at issue.3 Institutions Regulatory Agencies.11 Such
in paragraph (a) of this section, for factors include, but are not limited to,
In 1990, Congress determined that the the gravity and duration of the
penalties assessed on, or after, the date assessment of CMPs plays ‘‘an
of publication of the most recent notice misconduct, and the intent related to
important role in deterring violations the misconduct.
related to conduct occurring on or after and furthering the policy goals
November 2, 2015. embodied in such laws and regulations’’ The 2015 Adjustment Act notes that
Dated: January 9, 2018. and concluded that ‘‘the impact of many the FDIC ‘‘shall adjust [CMPs] and shall
Karen Solomon, civil monetary penalties has been and is make the adjustment notwithstanding
Acting Senior Deputy Comptroller and Chief diminished due to the effect of section 553 of title 5, United States
Counsel, Office of the Comptroller of the inflation.’’ 4 Consequently, Congress Code’’ (the Administrative Procedure
Currency. required federal agencies with authority Act).12 The FDIC, therefore, is not
[FR Doc. 2018–00536 Filed 1–11–18; 8:45 am] to impose CMPs to periodically adjust obligated to publish the adjustments
BILLING CODE 4810–33–P by rulemaking the maximum CMPs through notice-and-comment
which these agencies were authorized to rulemaking, and the FDIC is publishing
impose in order to ‘‘maintain the the adjustments through a final rule.
FEDERAL DEPOSIT INSURANCE deterrent effect of civil monetary III. Description and Expected Effects of
CORPORATION penalties and promote compliance with the Final Rule
the law.’’ 5 Under the 1990 Adjustment
12 CFR Part 308 Act, the FDIC adjusted its CMP amounts The Final Rule modifies the
RIN 3064–AE71
every four years.6 maximum limit for CMPs according to
In 2015, Congress revised the process inflation as mandated by Congress in
Rules of Practice and Procedure by which federal agencies adjust the 2015 Adjustment Act. The 2015
applicable CMPs for inflation.7 Under Adjustment Act directs federal agencies
AGENCY: Federal Deposit Insurance to follow guidance issued by the Office
the 2015 Adjustment Act, the FDIC is
Corporation (FDIC). of Management and Budget (OMB) on
required to make annual adjustments for
ACTION: Final rule. inflation.8 These adjustments apply to December 15, 2017 (OMB Guidance),
SUMMARY: The FDIC is adjusting the all CMPs covered by the 2015 when calculating new maximum
maximum amount of each civil money penalty levels.13 The adjustments are to
penalty (CMP) within its jurisdiction to 1 Public Law 114–74, sec. 701, 129 Stat. 584. be based on the percent change between
account for inflation. This action is
2 See, e.g., 12 U.S.C. 1972(2)(F) (authorizing the the Consumer Price Index for all Urban
FDIC to impose CMPs for violations of the Bank Consumers (CPI–U)14 for October 2016
required by the Federal Civil Penalties Holding Company Act of 1970 related to prohibited
Inflation Adjustment Act Improvements tying arrangements); 15 U.S.C. 78u–2 (authorizing
and the October 2017 CPI–U.
Act of 2015 (2015 Adjustment Act). the FDIC to impose CMPs for violations of certain
provisions of the Securities Exchange Act of 1934); 9 See Public Law 101–410, sec. 3(2), 104 Stat. 890
DATES: This rule is effective January 15, 42 U.S.C. 4012a(f) (authorizing the FDIC to impose (amended 2015) (codified as amended at 28 U.S.C.
2018. CMPs for pattern or practice violations of the Flood 2461 note).
FOR FURTHER INFORMATION CONTACT: Seth Disaster Protection Act). 10 Public Law 114–74, sec. 701(b), 129 Stat. 584.
3 For example, Section 8(i)(2) of the FDIA, 12
P. Rosebrock, Supervisory Counsel, 11 63 FR 30227 (June 3, 1998).
U.S.C. 1818(i)(2), provides for three tiers of CMPs, 12 Public Law 114–74, sec. 701(b), 129 Stat. 584
Legal Division (202) 898–6609, or with the size of such CMPs increasing with the (emphasis added).
Graham N. Rehrig, Senior Attorney, gravity of the misconduct.
sradovich on DSK3GMQ082PROD with RULES
13 See OMB, Implementation of Penalty Inflation
Legal Division (202) 898–3829. 4 Section 2 of the Federal Civil Penalties Inflation
Adjustments for 2018, Pursuant to the Federal Civil
Adjustment Act of 1990 (1990 Adjustment Act).
SUPPLEMENTARY INFORMATION: Penalties Inflation Adjustment Act Improvements
Public Law 101–410, 104 Stat. 890 (amended 2015) Act of 2015, M–18–03 (Dec. 15, 2017), available at
I. Policy Objectives (codified as amended at 28 U.S.C. 2461 note). https://www.whitehouse.gov/wp-content/uploads/
5 Id.
2017/11/M-18-03.pdf (noting that the applicable
The Final Rule changes the maximum 6 See, e.g., 77 FR 74573 (Dec. 17, 2012).
2018 CMP-adjustment multiplier is 1.02041).
limit for CMPs according to inflation as 7 See Public Law 114–74, sec. 701, 129 Stat. 584. 14 The CPI–U is compiled by the Bureau of Labor
mandated by Congress in the 2015 8 See id. at sec. 701(b). Statistics of the Department of Labor.
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Document Created: 2018-10-26 09:50:58
Document Modified: 2018-10-26 09:50:58
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Final rule. | |
| Dates | This rule is effective on January 12, 2018. | |
| Contact | Kevin Korzeniewski, Counsel, Legislative and Regulatory Activities Division, (202) 649-5490, or, for persons who are deaf or hearing impaired, TTY, (202) 649-5597. | |
| FR Citation | 83 FR 1517 | |
| RIN Number | 1557-AE14 | |
| CFR Citation | 12
CFR
109 12 CFR 19 | |
| CFR Associated | Federal Savings Associations; Administrative Practice and Procedure; Crime; Equal Access to Justice; Investigations; National Banks; Penalties and Securities |
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