NCUA and Federal Reserve Board Adjust Civil Monetary Penalties for Inflation

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On February 6, 2019, the NCUA and the Federal Reserve Board each published a final rule in the Federal Register adjusting the maximum amount of each civil money penalty (CMP) within their jurisdiction to account for inflation.  The final rules were effective February 6.

Each year, pursuant to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, federal agencies must adjust their maximum CMPs by using an inflation multiplier provided by the Office of Management and Budget (OMB).  The OMB’s inflation multiplier for 2019 is 1.02522.  Details regarding the specific increased CMP amounts can be found in the NCUA Civil Monetary Penalty Inflation Adjustment Final Rule and the Federal Reserve Board Civil Monetary Penalty Inflation Adjustment Final Rule.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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