Rules of Practice for Hearings
Published Date: 1/13/2025
Rule
Summary
The Federal Reserve updated its rules to raise civil money penalties to keep up with inflation, starting January 13, 2025. This affects anyone facing fines under the Board’s rules, making penalties a bit higher for violations after November 2, 2015. These changes help keep penalties fair and effective without surprise hikes.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Board Raises Civil Money Penalties
The Federal Reserve increased the maximum civil money penalties (CMPs) to account for inflation. The adjusted penalty levels apply to penalties assessed on or after January 13, 2025 where the related violations occurred on or after November 2, 2015.
New Specific Penalty Amounts Set
The Board published the adjusted maximum CMP amounts for specific statutes, including examples such as third-tier penalties set at $2,513,215, many second-tier penalties at $62,829, first-tier amounts like $12,567, and statute-specific figures (e.g., 12 U.S.C. 334 at $365 and 12 U.S.C. 1820(k)(6)(A)(ii) at $413,388).
Which Violations Are Covered
The adjusted CMP levels apply only to penalties assessed on or after January 13, 2025 for violations that occurred on or after November 2, 2015. Penalties for violations occurring before November 2, 2015 remain subject to the Board's 2012 adjustment amounts.
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