The FDIC will eliminate unnecessary and duplicative text in the Code of Federal Regulations to make it easier for readers to find the current, inflation-adjusted maximum civil money penalty ("CMP") amounts. The final rule is effective on January 15, 2019.
The final rule will:
- remove duplicative, descriptive regulatory language with regard to CMP amounts that repeats existing statutory language related to such CMPs;
- codify Congress's recent modifications to CMP inflation adjustments in the FDIC's regulations; and
- bring readers to an annually released notice in the Federal Register for information pertaining to the maximum CMP amounts that can be evaluated after inflation adjustments.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
