Search Results for keywords:"inflation adjustment"

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, published a final rule to update civil monetary penalties (CMPs) to account for inflation as required by law. This update is in line with the Federal Civil Penalties Inflation Adjustment Act, which mandates annual adjustments to ensure the penalties maintain their deterrent effect. The rule applies to penalties assessed after its effective date, January 28, 2021, and does not require a public comment period because the adjustments are routine calculations.

The Securities and Exchange Commission (SEC) published a notice to adjust civil monetary penalties for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. These adjustments apply to penalties under the Securities Act, the Exchange Act, the Investment Company Act, and part of the Sarbanes-Oxley Act. The new amounts were calculated using a percentage change between the Consumer Price Index for October 2023 and October 2024 and will be effective from January 15, 2025. This update ensures penalties keep pace with inflation and remain effective deterrents.

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 Department of Defense has issued a final rule to adjust its civil monetary penalties (CMPs) for inflation. This adjustment is mandated by laws such as the Federal Civil Penalties Inflation Adjustment Act, which requires that penalties be increased annually to reflect changes in the consumer price index since 2015. The rule, effective January 15, 2025, applies to penalties assessed after the effective date but does not carry significant costs or impact small entities or governments. It ensures the penalties remain a deterrent and that the Department follows statutory requirements without needing public notice or comments.

The Department of Transportation has announced an increase in the rail passenger transportation liability cap. This adjustment is mandated by the Fixing America's Surface Transportation (FAST) Act and raises the cap from $294,278,983 to $322,864,228 to account for inflation. The new cap ensures that the total compensation for all claims from a single accident, including punitive damages, reflects current dollar value. This change will be effective 30 days after February 25, 2021.

The U.S. Department of Labor is updating the civil monetary penalties it can impose, based on inflation, as part of the Federal Civil Penalties Inflation Adjustment Act. This requires an annual review and adjustment of penalty amounts to ensure they keep pace with inflation. These updates are set to take effect on January 15, 2021, and apply to penalties assessed after this date. Different divisions within the Department, such as Occupational Safety and Health Administration and Mine Safety and Health Administration, are involved in overseeing these changes, which aim to maintain their deterrent effect.

The Department of State issued a final rule to adjust civil monetary penalties (CMP) across several regulatory areas, including fraud, chemical weapons, arms control, and lobbying. The adjustments align with annual inflation guidelines set by the Office of Management and Budget based on a December 2024 cost-of-living adjustment multiplier. These new penalty amounts will apply to violations occurring on or after the rule's effective date, January 10, 2025. The rule ensures penalties keep up with inflation, following mandates from recent legislation and guidelines.

The U.S. Coast Guard announced new pilotage rates for 2025 under the Great Lakes Pilotage Act of 1960. The updated rates, which take into account factors like inflation, district operating costs, and an increase in the number of pilots, will result in a 7% rise in pilotage costs compared to the previous year. These changes are made to ensure safe and reliable pilotage services in the Great Lakes, catering to foreign merchant vessels and any U.S. vessel engaged in foreign trade. The Coast Guard reviewed public comments on these changes but made no alterations to the proposed rates.

The Nasdaq Stock Market LLC has proposed a rule change to adjust its fees based on inflation. The fees have been unchanged for a long time and will now be adjusted through a one-time increase spread over three years: 45% in 2025, 30% in 2026, and 25% in 2027. The adjustments aim to restore fees to their intended real value and support continued investment in technology. These proposed changes apply to various Nasdaq products and are intended to ensure fair value and support the quality of Nasdaq's services.

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.