Search Results for keywords:"Biggert-Waters Flood Insurance Reform Act"

The Farm Credit Administration (FCA) has implemented a rule to adjust civil money penalties (CMPs) for inflation. This adjustment is required annually by law to maintain the penalties' effectiveness as a deterrent. The penalties are related to violations under the Farm Credit Act and the Flood Disaster Protection Act. The new penalty amounts are $2,395 for certain violations of the Farm Credit Act and $2,252 for flood insurance-related violations, effective from January 15, 2021. These changes do not require public notice or comments because they are mandatory and noncontroversial.

The Farm Credit Administration has introduced a final rule adjusting civil money penalties (CMPs) for inflation, in line with the Federal Civil Penalties Inflation Adjustment Act of 1990, as updated. This adjustment ensures that penalties retain their deterrent effect and compliance is maintained with the Farm Credit Act and Flood Disaster Protection Act. The new maximum daily penalties for specific violations have been increased, such as $2,904 for violating a final order and $1,313 for breaching the Farm Credit Act, effective January 15, 2025. These changes, driven by mandatory annual updates, aim to keep CMPs in line with inflation without needing a public comment process.