Notice2022-00286
Notice of Inflation Adjustments for Civil Money Penalties
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 11, 2022
Issuing agencies
Federal Deposit Insurance Corporation
Abstract
The Federal Deposit Insurance Corporation is providing notice of its maximum civil money penalties as adjusted for inflation.
Full Text
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<title>Federal Register, Volume 87 Issue 7 (Tuesday, January 11, 2022)</title>
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[Federal Register Volume 87, Number 7 (Tuesday, January 11, 2022)]
[Notices]
[Pages 1411-1413]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-00286]
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FEDERAL DEPOSIT INSURANCE CORPORATION
RIN 3064-ZA29
Notice of Inflation Adjustments for Civil Money Penalties
AGENCY: Federal Deposit Insurance Corporation.
ACTION: Notice of monetary penalties 2022.
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SUMMARY: The Federal Deposit Insurance Corporation is providing notice
of its maximum civil money penalties as adjusted for inflation.
DATES: The adjusted maximum amounts of civil money penalties in this
notice are applicable to penalties assessed after January 15, 2022, for
conduct occurring on or after November 2, 2015.
FOR FURTHER INFORMATION CONTACT: Graham N. Rehrig, Senior Attorney,
Legal Division, (703) 314-3401, <a href="/cdn-cgi/l/email-protection#c6a1b4a3aeb4afa186a0a2afa5e8a1a9b0"><span class="__cf_email__" data-cfemail="076075626f756e604761636e6429606871">[email protected]</span></a>; Federal Deposit
Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
SUPPLEMENTARY INFORMATION: This notice announces changes to the maximum
amount of each civil money penalty (CMP) within the Federal Deposit
Insurance Corporation's (FDIC) jurisdiction to administer to account
for inflation under the Federal Civil Penalties Inflation Adjustment
Act of 1990 (1990 Adjustment Act),\1\ as amended by the Federal Civil
Penalties Inflation Adjustment Act Improvements Act of 2015 (2015
Adjustment Act).\2\ Under the 1990 Adjustment Act, as amended, federal
agencies must make annual adjustments to the maximum amount of each CMP
the agency administers. The Office of Management and Budget (OMB) is
required to issue guidance to federal agencies no later than December
15 of each year providing an inflation-adjustment multiplier (i.e., the
inflation-adjustment factor agencies must use) applicable to CMPs
assessed in the following year.
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\1\ Public Law 101-410, 104 Stat. 890, codified at 28 U.S.C.
2461 note.
\2\ Public Law 114-74, sec. 701(b), 129 Stat. 599, codified at
28 U.S.C. 2461 note.
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Agencies are required to publish their CMPs, adjusted under the
multiplier provided by the OMB, by January 15 of the applicable year.
Agencies, like the FDIC, that have codified the statutory formula for
making the CMP adjustments may make annual inflation adjustments by
providing notice in the Federal Register.\3\
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\3\ See Office of Mgmt. & Budget, Exec. Office of the President,
OMB Memorandum No. M-22-07, Implementation of Penalty Inflation
Adjustments for 2022, Pursuant to the Federal Civil Penalties
Inflation Adjustment Act Improvements Act of 2015 4 (Dec. 15, 2021),
<a href="https://www.whitehouse.gov/wp-content/uploads/2021/12/M-22-07.pdf">https://www.whitehouse.gov/wp-content/uploads/2021/12/M-22-07.pdf</a>
(``OMB Guidance''); see also 12 CFR 308.132(d) (FDIC regulation that
guides readers to the Federal Register to see the annual notice of
CMP inflation adjustments).
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On December 15, 2021, the OMB issued guidance to affected agencies
on implementing the required annual adjustment, which guidance included
the relevant inflation multiplier.\4\ The FDIC has applied that
multiplier to the maximum CMPs allowable in 2021 for FDIC-supervised
institutions to calculate the maximum amount of CMPs that may be
assessed by the FDIC in 2022.\5\ There were no new statutory CMPs
administered by the FDIC during 2021.
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\4\ See OMB Guidance at 1 (providing an inflation multiplier of
1.06222).
\5\ Penalties assessed for violations occurring prior to
November 2, 2015, will be subject to the maximum amounts set forth
in the FDIC's regulations in effect prior to the enactment of the
2015 Adjustment Act.
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The following charts provide the inflation-adjusted maximum CMP
amounts for use after January 15, 2022--the effective date of the 2022
annual adjustments--under 12 CFR part 308, for conduct occurring on or
after November 2, 2015:
Maximum Civil Money Penalty Amounts
------------------------------------------------------------------------
Current maximum CMP Adjusted maximum CMP
U.S. code citation (through January 14, \6\ (beginning
2022) January 15, 2022)
------------------------------------------------------------------------
12 U.S.C. 1464(v):
Tier One CMP \7\........ $4,146 $4,404
Tier Two CMP............ 41,463 44,043
Tier Three CMP \8\...... 2,073,133 2,202,123
12 U.S.C. 1467(d)........... 10,366 11,011
12 U.S.C. 1817(a):
Tier One CMP \9\........ 4,146 4,404
[[Page 1412]]
Tier Two CMP............ 41,463 44,043
Tier Three CMP \10\..... 2,073,133 2,202,123
12 U.S.C. 1817(c):
Tier One CMP............ 3,791 4,027
Tier Two CMP............ 37,901 40,259
Tier Three CMP \11\..... 1,895,095 2,013,008
12 U.S.C. 1817(j)(16):
Tier One CMP............ 10,366 11,011
Tier Two CMP............ 51,827 55,052
Tier Three CMP \12\..... 2,073,133 2,202,123
12 U.S.C. 1818(i)(2): \13\
Tier One CMP............ 10,366 11,011
Tier Two CMP............ 51,827 55,052
Tier Three CMP \14\..... 2,073,133 2,202,123
12 U.S.C. 1820(e)(4)........ 9,476 10,066
12 U.S.C. 1820(k)(6)........ 341,000 362,217
12 U.S.C. 1828(a)(3)........ 129 137
12 U.S.C. 1828(h): \15\
For assessments < 129 137
$10,000................
12 U.S.C. 1829b(j).......... 21,663 23,011
12 U.S.C. 1832(c)........... 3,011 3,198
12 U.S.C. 1884.............. 301 320
12 U.S.C. 1972(2)(F):
Tier One CMP............ 10,366 11,011
Tier Two CMP............ 51,827 55,052
Tier Three CMP \16\..... 2,073,133 2,202,123
12 U.S.C. 3909(d)........... 2,579 2,739
15 U.S.C. 78u-2:
Tier One CMP 9,753 10,360
(individuals)..........
Tier One CMP (others)... 97,523 103,591
Tier Two CMP 97,523 103,591
(individuals)..........
Tier Two CMP (others)... 487,616 517,955
Tier Three CMP 195,047 207,183
(individuals)..........
Tier Three CMP (others). 975,230 1,035,909
15 U.S.C. 1639e(k):
First violation......... 11,906 12,647
Subsequent violations... 23,811 25,293
31 U.S.C. 3802.............. 11,803 12,537
42 U.S.C. 4012a(f).......... 2,252 2,392
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\6\ The maximum penalty amount is per day, unless otherwise indicated.
\7\ 12 U.S.C. 1464(v) provides the maximum CMP amounts for the late
filing of certain Call Reports. In 2012, however, the FDIC issued
regulations that further subdivided these amounts based upon the size
of the institution and the lateness of the filing. See 77 FR 74573,
74576-78 (Dec. 17, 2012), codified at 12 CFR 308.132(e)(1). These
adjusted subdivided amounts are found at the end of this chart.
\8\ The maximum penalty amount for an institution is the lesser of this
amount or 1 percent of total assets.
\9\ 12 U.S.C. 1817(a) provides the maximum CMP amounts for the late
filing of certain Call Reports. In 1991, however, the FDIC issued
regulations that further subdivided these amounts based upon the size
of the institution and the lateness of the filing. See 56 FR 37968,
37992-93 (Aug. 9, 1991), codified at 12 CFR 308.132(e)(1). These
adjusted subdivided amounts are found at the end of this chart.
\10\ The maximum penalty amount for an institution is the lesser of this
amount or 1 percent of total assets.
\11\ The maximum penalty amount for an institution is the lesser of this
amount or 1 percent of total assets.
\12\ The maximum penalty amount for an institution is the lesser of this
amount or 1 percent of total assets.
\13\ These amounts also apply to CMPs in statutes that cross-reference
12 U.S.C. 1818, such as 12 U.S.C. 2601, 2804(b), 3108(b), 3349(b),
4009(a), 4309(a), 4717(b); 15 U.S.C. 1607(a), 1681s(b), 1691(b),
1691c(a), 1693o(a); and 42 U.S.C. 3601.
\14\ The maximum penalty amount for an institution is the lesser of this
amount or 1 percent of total assets.
\15\ The $137-per-day maximum CMP under 12 U.S.C. 1828(h), for failure
or refusal to pay any assessment, applies only when the assessment is
less than $10,000. When the amount of the assessment is $10,000 or
more, the maximum CMP under section 1828(h) is 1 percent of the amount
of the assessment for each day that the failure or refusal continues.
\16\ The maximum penalty amount for an institution is the lesser of this
amount or 1 percent of total assets.
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Current presumptive Adjusted presumptive
CFR citation CMP (through January CMP (beginning
14, 2022) January 15, 2022)
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12 CFR 308.132(e)(1)(i):
Institutions with $25
million or more in
assets:
1 to 15 days late... $569................ $604.
16 or more days late $1,137.............. $1,208.
Institutions with less
than $25 million in
assets:
1 to 15 days late $190................ $202
\17\.
16 or more days late $378................ $402.
\18\.
[[Page 1413]]
12 CFR 308.132(e)(1)(ii):
Institutions with $25
million or more in assets:
1 to 15 days late... $947................ $1,006.
16 or more days late $1,894.............. $2,012.
Institutions with less
than $25 million in
assets:
1 to 15 days late... 1/50,000th of the 1/50,000th of the
institution's total institution's total
assets. assets.
16 or more days late 1/25,000th of the 1/25,000th of the
institution's. institution's
total assets........ total assets.
12 CFR 308.132(e)(2)........ $41,463............. $44,043.
12 CFR 308.132(e)(3):
Tier One CMP............ $4,146.............. $4,404.
Tier Two CMP............ $41,463............. $44,043.
Tier Three CMP \19\..... $2,073,133.......... $2,202,123.
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\17\ The maximum penalty amount for an institution is the greater of
this amount or 1/100,000th of the institution's total assets.
\18\ The maximum penalty amount for an institution is the greater of
this amount or 1/50,000th of the institution's total assets.
\19\ The maximum penalty amount for an institution is the lesser of this
amount or 1 percent of total assets.
Federal Deposit Insurance Corporation.
Dated at Washington, DC, on January 5, 2022.
James P. Sheesley,
Assistant Executive Secretary.
[FR Doc. 2022-00286 Filed 1-10-22; 8:45 am]
BILLING CODE 6714-01-P
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</html>Indexed from Federal Register on January 11, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.