The maximum civil money penalty (CMP) will be $2.3 million in 2023, under a new annual schedule published Jan. 4, according to the Office of the Comptroller of the Currency (OCC) in a bulletin issued Tuesday.
The new penalty amounts – and others – are in effect for “conduct occurring on or after November 2, 2015,” the OCC said. The new schedule of penalties applies to national banks and federal savings associations.
The OCC is required to publish a new CMP schedule annually as adjusted for inflation, under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, according to the OCC.
In 2021, the agency set the highest CMP at $2.07 million, up from $2.05 million in 2020.