Notice of Inflation Adjustments for Civil Money Penalties
| Citation | 86 FR 299 |
| Record Number | 2020-29175 |
| Published date | 05 January 2021 |
| Section | Notices |
| Court | Federal Deposit Insurance Corporation |
Federal Register, Volume 86 Issue 2 (Tuesday, January 5, 2021)
[Federal Register Volume 86, Number 2 (Tuesday, January 5, 2021)]
[Notices]
[Pages 299-301]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-29175]
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FEDERAL DEPOSIT INSURANCE CORPORATION
RIN 3064-ZA22
Notice of Inflation Adjustments for Civil Money Penalties
AGENCY: Federal Deposit Insurance Corporation.
ACTION: Notice of Monetary Penalties 2021.
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SUMMARY: The Federal Deposit Insurance Corporation is providing notice
of its maximum civil money penalties as adjusted for inflation.
DATES: The adjusted maximum amounts of civil money penalties in this
notice are applicable to penalties assessed after January 15, 2021, for
conduct occurring on or after November 2, 2015.
FOR FURTHER INFORMATION CONTACT: Graham N. Rehrig, Senior Attorney,
Legal Division, (202) 898-3829, [email protected]; Federal Deposit
Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION: This notice announces changes to the maximum
amount of each civil money penalty (CMP) within the Federal Deposit
Insurance Corporation's (FDIC) jurisdiction to administer to account
for inflation under the Federal Civil Penalties Inflation Adjustment
Act of 1990 (1990 Adjustment Act),\1\ as amended by the Federal Civil
Penalties Inflation Adjustment Act Improvements Act of 2015 (2015
Adjustment Act).\2\ Under the 1990 Adjustment Act, as amended, federal
agencies must make annual adjustments to the maximum amount of each CMP
the agency administers. The Office of Management and Budget (OMB) is
required to issue guidance to federal agencies no later than December
15 of each year providing an inflation-adjustment multiplier (i.e., the
inflation-adjustment factor agencies must use) applicable to CMPs
assessed in the following year.
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\1\ Public Law 101-410, 104 Stat. 890, codified at 28 U.S.C.
2461 note.
\2\ Public Law 114-74, 701(b), 129 Stat. 599, codified at 28
U.S.C. 2461 note.
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Agencies are required to publish their CMPs, adjusted under the
multiplier provided by the OMB, by January 15 of the applicable year.
Agencies, like the FDIC, that have codified the statutory formula for
making the CMP adjustments may make annual inflation adjustments by
providing notice in the Federal Register.\3\
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\3\ See Office of Mgmt. & Budget, Exec. Office of the President,
OMB Memorandum No. M-21-10, Implementation of Penalty Inflation
Adjustments for 2021, Pursuant to the Federal Civil Penalties
Inflation Adjustment Act Improvements Act of 2015 4 (2020), https://www.whitehouse.gov/wp-content/uploads/2020/12/M-21-10.pdf (``OMB
Guidance''); see also 12 CFR 308.132(d) (FDIC regulation that guides
readers to the Federal Register to see the annual notice of CMP
inflation adjustments).
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On December 23, 2020, the OMB issued guidance to affected agencies
on implementing the required annual adjustment, which guidance included
the relevant inflation multiplier.\4\ The FDIC has applied that
multiplier to the maximum CMPs allowable in 2020 for FDIC-supervised
institutions to calculate the maximum amount of CMPs that may be
assessed by the FDIC in 2021.\5\ There were no new statutory CMPs
administered by the FDIC during 2020.
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\4\ See OMB Guidance at 1 (providing an inflation multiplier of
1.01182).
\5\ Penalties assessed for violations occurring prior to
November 2, 2015, will be subject to the maximum amounts set forth
in the FDIC's regulations in effect prior to the enactment of the
2015 Adjustment Act.
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The following charts provide the inflation-adjusted maximum CMP
amounts for use after January 15, 2021--the effective date of the 2021
annual adjustments--under 12 CFR part 308, for conduct occurring on or
after November 2, 2015:
Maximum Civil Money Penalty Amounts
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Current maximum Adjusted maximum CMP
U.S. code citation CMP (through \6\ (beginning
January 14, 2021) January 15, 2021)
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12 U.S.C. 1464(v):
Tier One CMP \7\.......... $4,098 $4,146
Tier Two CMP.............. 40,979 2,048,915
Tier Three CMP \8\........ 41,463 2,073,133
12 U.S.C. 1467(d)............. 10,245 10,366
12 U.S.C. 1817(a):
Tier One CMP \9\.......... 4,098 4,146
Tier Two CMP.............. 40,979 41,463
Tier Three CMP \10\....... 2,048,915 2,073,133
12 U.S.C. 1817(c):
Tier One CMP.............. 3,747 3,791
Tier Two CMP.............. 37,458 37,901
Tier Three CMP \11\....... 1,872,957 1,895,095
12 U.S.C. 1817(j)(16):
Tier One CMP.............. 10,245 10,366
Tier Two CMP.............. 51,222 51,827
Tier Three CMP \12\....... 2,048,915 2,073,133
12 U.S.C. 1818(i)(2): \13\
Tier One CMP.............. 10,245 10,366
Tier Two CMP.............. 51,222 51,827
Tier Three CMP \14\....... 2,048,915 2,073,133
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12 U.S.C. 1820(e)(4).......... 9,365 9,476
12 U.S.C. 1820(k)(6).......... 337,016 341,000
12 U.S.C. 1828(a)(3).......... 127 129
12 U.S.C. 1828(h): \15\
For assessments
