OCC raises maximums for civil money penalties 2.5%, effective Jan. 1

Adjustments to the maximum amounts of civil money penalties (CMPs) to be assessed against national banks and federal savings associations by the Office of the Comptroller of the Currency (OCC) for various violations occurring on or after Nov. 2, 2015, are set to take effect Jan. 1, according to a Federal Register notice published Thursday.

Federal agencies are required to adjust their maximum penalty amounts for inflation each year using a multiplier provided by the Office of Management and Budget (OMB); the inflation adjustment multiplier for 2019 is 1.02522. The adjusted CMPs must be published by Jan. 15 of the year in which the adjustments apply.

Maximum CMP amounts are provided in the OCC notice for Tier 1, Tier 2, and Tier 3 violations of the National Bank Act, reporting requirement violations, refusal to cooperate in examination, violations of Federal Reserve Act provisions, violations of the Change in Bank Control Act, violations of law, unsafe or unsound practice, or breach of fiduciary duty; and more.

Notification of Monetary Penalties 2019