The Federal Deposit Insurance Corporation (FDIC) has announced the updated maximum civil money penalties, adjusted for inflation, applicable from January 15, 2025. These adjustments are guided by the Federal Civil Penalties Inflation Adjustment Act, which requires federal agencies to annually revise penalty amounts based on an inflation multiplier provided by the Office of Management and Budget. The penalties apply to violations occurring on or after November 2, 2015.
Simple Explanation
The FDIC has updated the amount of money people or companies can be fined if they break certain rules, so these fines now match how prices have changed over time. This update starts from January 15, 2025, and uses a special method to make sure the fines stay fair and reasonable.