The NCUA Board has finalized a rule to adjust the maximum amounts of civil monetary penalties (CMPs) it can impose, based on inflation, as mandated by the Federal Civil Penalties Inflation Adjustment Act. These adjustments, which must be made annually, are calculated by comparing the consumer price index for previous years. The new rule takes effect immediately upon publication and applies to penalties assessed for violations from November 2, 2015, onward. The adjustments are largely technical and do not require public notice or comment.
Simple Explanation
The government has made a rule to change how much money they can ask people or companies to pay as a penalty when they break some rules, making sure the amounts keep up with inflation. These changes are mostly about keeping up with the cost of things, and they don’t need people to give their opinions before they happen.