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.