The Office of the Comptroller of the Currency (OCC) announced adjustments to its maximum civil money penalties to account for inflation. These changes are in line with the Federal Civil Penalties Inflation Adjustment Act of 1990, updated by the Improvements Act of 2015. The updates apply to penalties assessed starting January 10, 2025, for violations occurring on or after November 2, 2015. The OCC used guidance from the Office of Management and Budget to apply the inflation multiplier required for the adjustment.
Simple Explanation
The government is making sure the fines people pay when they break certain money rules keep up with rising prices, like when things get more expensive over time. Starting January 2025, they'll use new numbers to figure out how much money people have to pay if they break the rules.