Regulatory Alerts2022-01-14 | 2022-00592Rules of Practice for Hearings
The Board of Governors of the Federal Reserve System issued a final rule amending 12 CFR Part 263 to adjust civil money penalties for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The Board updated the maximum penalty amounts for violations occurring on or after November 2, 2015, with the new levels applying to penalties assessed on or after January 14, 2022. This administrative action was executed without prior notice and comment rulemaking because the 2015 Act exempts annual inflation adjustments from standard Administrative Procedure Act requirements.
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