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Federal Agencies to Adjust Civil Monetary Penalties for Inflation

3/13/2019

 
Effective February 6, 2019, the National Credit Union Administration (NCUA) and the Federal Reserve Board (FRB) each published, in the Federal Register, a final rule adjusting the maximum amount of each civil money penalty (CMP) within their jurisdiction to account for inflation.

According to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, federal agencies must adjust their maximum CMPs annually by using an inflation multiplier provided by the Office of Management and Budget (OMB).  For 2019, the OMB’s inflation multiplier is 1.02522.
Under 12 CFR Part 263, Section 263.65 is revised to read as follows: (a) Inflation adjustments. In accordance with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which further amended the Federal Civil Penalties Inflation Adjustment Act of 1990, the Board has set forth in paragraph (b) of this section the adjusted maximum amounts for each civil money penalty provided by law within the Board’s jurisdiction. The authorizing statutes contain the complete provisions under which the Board may seek a civil money penalty. The adjusted civil money penalties apply only to penalties assessed on or after February 6, 2019, whose associated violations occurred on or after November 2, 2015.
 
As the NCUA Final Rule explains, the 2015 amendments require the NCUA to adjust the maximum amounts of its CMPs by the percentage by which the October 2018 CPI-U (252.885) exceeds the October 2017 CPI-U (246.663 ). The percentage change, an increase of 2.522, can be expressed as an inflation multiplier (the quotient of the October 2018 figure divided by the October 2017 figure).  Each CMP maximum amount should be multiplied by 1.02522 to determine the adjusted maximum amount. OMB’s guidance identifies the same multiplier.
 
The Board has considered the exception in the 2015 amendments for adjustments made in the preceding 12 months, discussed above, and has determined that it does not apply. Accordingly, the exception for adjustments in the preceding 12 months does not apply.
 
Details regarding the specific increased CMP amounts can be found in the NCUA Civil Monetary Penalty Inflation Adjustment Final Rule and the Federal Reserve Board Civil Monetary Penalty Inflation Adjustment Final Rule.
 
Additional information as it relates to the Department of Labor:
  • https://www.osha.gov/penalties/2019InflationAdjustments.pdf
  • https://www.dol.gov/asp/2019-inflation-adjustments.pdf

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