OCC ISSUES CMP INFLATION ADJUSTMENTS FOR NATIONAL BANKS AND FEDERAL SAVINGS ASSOCIATIONS

The Office of the Comptroller of the Currency (OCC) has published a final rule announcing changes to the maximum amount of each civil money penalty (CMP), for national banks and Federal savings associations, to account for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990 as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The adjustments serve to maintain the deterrent effect of civil penalties and to promote compliance with the law.

The OCC’s adjusted maximum amount of civil money penalties for national banks and Federal savings associations are applicable to penalties assessed on or after January 1, 2021, for conduct occurring on or after November 2, 2015.

Compliance Resource will keep you posted on each Agency’s updated maximum CMPs as they are published. As a reminder, each Agency’s most up-to-date maximum CMPs are always available on the Ultimate Compliance Resource page of our website under “Penalties”.

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