Reflecting OMB guidance, changes proposed to CMP language

Changes related to civil money penalties (CMPs) – including removing duplicative language from existing statutory language and codifying statutory language changes to conform with other agencies’ rules – are proposed by the Federal Deposit Insurance Corp. (FDIC) under filings made Thursday with the Federal Register.

In its proposal to amend its rules of practice and procedures related to CMPs, the FDIC said it is proposing “removing duplicative, descriptive language” related to CMP amounts that restates existing statutory language regarding the penalties. The rule changes conform with Office of Management and Budget (OMB) guidance and the practices of other federal regulators, FDIC said

[Corrected: This article previously made erroneous reference to the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155.]

The proposed changes would also direct readers to an annually published notice in the Federal Register – rather than the Code of Federal Regulations (CFR) – for information regarding the maximum CMP amounts that can be assessed after inflation adjustments.

“These revisions are intended to simplify the CFR by removing unnecessary and redundant text and to make it easier for readers to locate the current, inflation-adjusted maximum CMP amounts by presenting these amounts in an annually published chart,” the FDIC stated in its filings.

The proposal will be issued for a 60-day comment period.

FDIC Proposal: Rules of Practice and Procedure