Search Results for keywords:"inflation multiplier"

Found 2 results

Search Results: keywords:"inflation multiplier"

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  • 2020-29181 — Civil Monetary Penalty Inflation Adjustment
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    Type:Rule
    Citation:86 FR 933
    Reading Time:about 12 minutes

    The National Credit Union Administration (NCUA) is updating its rules to increase the maximum civil monetary penalties to keep up with inflation, as required by several laws. These adjustments are made to ensure that penalties are effective and reflect current economic conditions. The adjustments will be effective immediately and apply to violations occurring from November 2, 2015, onwards. This rule change doesn't require public comment because it's mainly a technical update in line with legal requirements.

    Simple Explanation

    The NCUA is making the fines they can give bigger to keep up with how money changes over time, like when things get more expensive. They didn't ask anyone for ideas on this because it's just a routine update they have to do.

  • 2021-00932 — Civil Monetary Penalty Inflation Adjustment
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    Type:Rule
    Citation:86 FR 7797
    Reading Time:about 5 minutes

    The Merit Systems Protection Board (MSPB) issued a final rule to adjust civil monetary penalties (CMPs) for 2021. This adjustment follows the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which mandates annual inflation-based updates to penalties. For 2021, the penalties for certain violations are increased to a maximum of $1,125, rounded from a calculated amount based on an inflation multiplier. The adjustments ensure penalties maintain their deterrent effect and will be applied starting February 2, 2021.

    Simple Explanation

    The government made a new rule to slightly increase the fines people have to pay when they break certain rules, so that the fines still feel like a "big deal" and stop others from breaking the rules too. This change is like using a price tag that keeps up with money getting "less big" over time because things cost more now!