Search Results for keywords:"Federal Civil Penalties Inflation Adjustment Act Improvements Act"

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Search Results: keywords:"Federal Civil Penalties Inflation Adjustment Act Improvements Act"

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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.

  • 2021-00060 — Civil Monetary Penalty Annual Inflation Adjustment
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    Type:Rule
    Citation:86 FR 1809
    Reading Time:about 4 minutes

    The National Transportation Safety Board (NTSB) has issued a final rule to adjust the civil penalties they can impose for regulatory violations, in compliance with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The rule, effective January 11, 2021, adjusts the maximum penalty for certain violations from $1,722 to $1,742, based on the 2021 cost-of-living adjustment multiplier provided by the Office of Management and Budget (OMB). This adjustment ensures penalties keep pace with inflation. The adjustment is not a significant regulatory action and does not impose new reporting requirements.

    Simple Explanation

    The National Transportation Safety Board has decided to make a small increase in fines for breaking certain rules, from $1,722 to $1,742, to keep up with the cost of living. This change makes sure that fines are fair and reflect current prices.