Search Results for keywords:"civil money penalties"

The Federal Reserve Board is updating its rules to adjust the fines known as civil money penalties for inflation, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This adjustment ensures that penalties retain their deterrent effect by accounting for changes in the economy. The new penalty amounts will apply starting January 13, 2025, for violations occurring after November 2, 2015. The rule is implemented without the usual notice and comment process because of specific provisions in the law.

The Board of Governors of the Federal Reserve System has issued a final rule to adjust the amounts of civil money penalties to account for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. These adjustments are based on the change in the Consumer Price Index and are applied to penalties assessed on or after January 13, 2021, for violations occurring on or after November 2, 2015. The rule bypasses the usual requirements for public notice and commentary due to provisions in the 2015 Act, and it does not involve any collection of information that would necessitate paperwork under the Paperwork Reduction Act.

The Farm Credit System Insurance Corporation (FCSIC) has issued a final rule to update the civil money penalties they can impose, adjusting them for inflation. This adjustment is required by a 2015 law that aims to keep penalties effective by considering inflation. The regulation specifies that for any violations related to the Farm Credit Act, fines can increase to a maximum of $217 per day. The new penalty rates will apply to violations assessed on or after January 15, 2021, for conduct dating back to November 2, 2015.

The Farm Credit System Insurance Corporation (FCSIC) has issued a final rule addressing adjustments to civil money penalties (CMPs), in compliance with the 2015 amendments to the Federal Civil Penalties Inflation Adjustment Act of 1990. These adjustments ensure that penalties remain effective as a deterrent by accounting for inflation, with new amounts applying from January 15, 2025, for any conduct from November 2, 2015, onward. The updated penalty for violations under section 5.65(c) or (d) of the Farm Credit Act is $264 per day. This rule bypasses standard procedure for public comment due to statutory requirements.

In this notice, the Department of Housing and Urban Development (HUD) details the actions taken by its Mortgagee Review Board against various mortgage companies. These actions include penalties and the withdrawal of FHA approval for violations like failure to maintain required financial standards, incorrect certifications, and untimely notifications of sanctions. The penalties often involve civil money fines and, in some cases, settlement agreements that do not admit fault. The document lists numerous mortgage companies and their specific violations as part of HUD's compliance enforcement efforts.