Effective date of FRB CMP inflation adjustments

The Board of Governors of the Federal Reserve System published [81 FR 47006] an interim final rule amending its rules of practice and procedure [12 CFR 263] to adjust the amount of each civil monetary penalty (“CMP”) provided by law within its jurisdiction to account for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The increased limits include "catch up" adjustments required by the Act. The rule will be effective on August 1, 2016. Comments on the rule will be accepted through August 30, 2016.