The Federal Deposit Insurance Corporation (FDIC) has announced updates to the maximum amounts for civil money penalties (CMPs) to account for inflation. These adjustments apply to penalties assessed after January 15, 2021, for violations occurring from November 2, 2015, onwards. Federal agencies, like the FDIC, are required to adjust these penalties annually based on guidance from the Office of Management and Budget (OMB). The updated CMP amounts were calculated using the inflation multiplier provided by the OMB in December 2020.
Simple Explanation
The FDIC is telling everyone that they have changed how much money someone has to pay if they break certain rules, to keep up with how prices go up over time. These changes start from January 15, 2021, and are based on special rules from the government to make sure penalties stay fair.