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.
Simple Explanation
The Farm Credit System Insurance Corporation has updated their money penalties to keep up with price changes over time. Now, if someone breaks the rules, they might have to pay up to $217 each day, starting from things they did wrong back in late 2015.