Credit Union Regulator Raises Fines Because Even Penalties Have Inflation
Published Date: 1/15/2025
Rule
Summary
The National Credit Union Administration is raising the maximum fines it can charge to keep up with inflation, starting January 15, 2025. This means anyone who breaks the rules could face bigger penalties than before. These updates happen every year to make sure fines stay fair and effective.
Analyzed Economic Effects
6 provisions identified: 0 benefits, 6 costs, 0 mixed.
Top-Tier CMP Cap Rises to $2.51M
For the highest-tier CMPs (Tier 3), the new maximum is $2,513,215 or 1% of total credit union assets, whichever is less. The adjusted Tier 3 amounts are effective January 15, 2025.
Senior Examiner Post-Employment Penalty Jumps
The maximum CMP for non-compliance with senior examiner post-employment restrictions increased to $413,388, effective January 15, 2025.
NCUA Raises CMPs for Inflation
The NCUA increased the maximum civil monetary penalties (CMPs) it can assess to account for inflation, effective January 15, 2025. The adjustment uses an inflation multiplier of 1.02598 based on the October 2024 CPI-U (315.664) versus October 2023 CPI-U (307.671), as required by federal law.
New Maximums Apply to Past Violations
The adjusted CMP amounts apply to civil monetary penalties assessed after January 15, 2025, and may be applied to violations that occurred on or after November 2, 2015. That means penalties assessed after the effective date can use the new higher caps even if the violation predates the adjustment back to November 2, 2015.
Appraisal Independence Penalties Raised
Penalties for non-compliance with appraisal independence standards are now $14,435 for a first violation and $28,866 for subsequent violations, effective January 15, 2025.
Multiple Other CMP Caps Increased
Several other CMP maximums increased effective January 15, 2025, including: inadvertent report failures to $5,026; non-inadvertent report failures to $50,265; Tier 1 amounts to $4,596 and Tier 2 to $45,946; Tier amounts for certain violations to $12,567 and $62,829; insurance-logo non-compliance to $157; NCUA security non-compliance to $365; and flood insurance non-compliance to $2,730.
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