The Federal Reserve Board, the Central Bank of the United States, on Friday announced that it has finalized a rule adjusting the Board’s maximum civil money penalties, as required by law.
In November 2015, a law was passed that requires all federal agencies to adjust their maximum civil money penalty limits annually for inflation, rather than every four years as previously required. The maximum civil money penalty limits depend on several factors, including the severity and type of violation. Additionally, the law dictates the annual adjustment formula for federal agencies. A civil money penalty is a fine imposed by a federal agency as a result of misconduct.
The final rule increases the maximum civil money penalty limits for 2018. The new penalty amounts have been published in the Federal Register and apply as of January 10th, 2018.