The Federal Reserve Board on Monday invited comment on an interim final 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, rather than every four years, as previously required. Additionally, the law dictates the adjustment formula for federal agencies. The attached Federal Register notice details the civil money penalty adjustments made by the Board. A civil money penalty is a fine imposed by a federal agency as a result of misconduct.
The interim final rule is effective on Aug. 1, 2016, and will apply to those penalties assessed after this date. The Board will accept comments until Aug. 30, 2016.
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