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Effective Date: Interim Final Rule Adjusting Civil Money Penalties for Inflation

On July 1, 2016, the Office of the Comptroller of the Currency (OCC) published in the Federal Registera final rule amending its rules of practice and procedure for national banks (12 CFR 19) and federal savings associations (12 CFR 109) to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction, pursuant to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Act). Although the 2015 Act dictates the method by which the initial catch-up adjustment for each CMP must be calculated, the OCC is requesting comment on all aspects of the rule and specifically encourages commenters to identify any technical issues raised by the rule, including identifying any CMPs that may have been unintentionally omitted. The adjustments apply only to penalties assessed on or after August 1, 2016, the effective date of this rule. Read more here.

  • August 1, 2016
  • Time: All Day
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