Board rule increases CMP maximums

The Federal Reserve Board has published a final rule [83 FR 1182] adjusting the amount of each civil money penalty maximum 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 adjustments apply to penalties assessed on or after January 10, 2018, for violations occurring on or after November 2, 2015. For example, the statutory $2,000 maximum penalty per violation for violations of requirements to require certain violations of the National Flood Insurance Act, which had increased to $2,056 in January of last year, has now been set at $2,133 per violation. A table of the maximum CMP amounts is found in § 263.65 of the Board's Rules of Practice for Hearings, at 12 CFR Part 263.