Notification of Inflation Adjustments for Civil Money Penalties, 1657-1659 [2022-00109]
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1657
Rules and Regulations
Federal Register
Vol. 87, No. 8
Wednesday, January 12, 2022
The adjusted maximum amount
of civil money penalties in this
document are applicable to penalties
assessed on or after January 12, 2022 for
conduct occurring on or after November
2, 2015.
FOR FURTHER INFORMATION CONTACT: Lee
Walzer, Counsel, Chief Counsel’s Office,
(202) 649–5490, Office of the
Comptroller of the Currency.
SUPPLEMENTARY INFORMATION: This
document announces changes to the
maximum amount of each civil money
penalty (CMP) within the OCC’s
jurisdiction to administer to account for
inflation pursuant to the Federal Civil
Penalties Inflation Adjustment Act of
1990 (the 1990 Adjustment Act),1 as
amended by the Federal Civil Penalties
Inflation Adjustment Act Improvements
Act of 2015 (the 2015 Adjustment Act).2
Under the 1990 Adjustment Act, as
amended, federal agencies must make
annual adjustments to the maximum
amount of each CMP they administer.
The Office of Management and Budget
(OMB) is required to issue guidance to
federal agencies no later than December
15 of each year providing an inflation
adjustment multiplier (i.e., the inflation
adjustment factor agencies must use)
applicable to CMPs assessed in the
following year. The agencies are
required to publish their CMPs, adjusted
pursuant to the multiplier provided by
DATES:
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Parts 19 and 109
Notification of Inflation Adjustments
for Civil Money Penalties
Office of the Comptroller of the
Currency, Treasury.
AGENCY:
Notification of monetary
penalties 2022.
ACTION:
This document announces
changes to the Office of the Comptroller
of the Currency’s (OCC) maximum civil
money penalties as adjusted for
inflation. The inflation adjustments are
required to implement the Federal Civil
Penalties Inflation Adjustment Act of
1990, as amended by the Federal Civil
Penalties Inflation Adjustment Act
Improvements Act of 2015.
SUMMARY:
the OMB, by January 15 of the
applicable year.
To the extent an agency codified a
CMP amount in its regulations, the
agency would need to update that
amount by regulation. However, if an
agency codified a formula for making
the CMP adjustments, then subsequent
adjustments can be made solely by
notice.3 In 2018, the OCC published a
final regulation that removed the CMP
amounts from its regulations while
updating the CMP amounts for inflation
through the notice process.4
On December 15, 2021, the OMB
issued guidance to affected agencies on
implementing the required annual
adjustment, which included the relevant
inflation multiplier.5 The OCC has
applied that multiplier to the maximum
CMPs allowable in 2021 for national
banks and Federal savings associations
as listed in the 2021 CMP notice 6 to
calculate the maximum amount of CMPs
that may be assessed by the OCC in
2022.7 There were no new statutory
CMPs administered by the OCC during
2021.
The following charts provide the
inflation-adjusted CMPs for use
beginning on January 12, 2022, pursuant
to 12 CFR 19.240(b) and 109.103(c)(2)
for conduct occurring on or after
November 2, 2015:
PENALTIES APPLICABLE TO NATIONAL BANKS
Description and tier
(if applicable)
12 U.S.C. 93(b) ..............
Violation of Various Provisions of the National Bank Act:
Tier 1 ................................................................................................................................................
Tier 2 ................................................................................................................................................
Tier 3 ................................................................................................................................................
Violation of Reporting Requirements:
Tier 1 ................................................................................................................................................
Tier 2 ................................................................................................................................................
Tier 3 ................................................................................................................................................
Refusal of Affiliate to Cooperate in Examination ....................................................................................
Violation of Various Provisions of the Federal Reserve Act:
Tier 1 ................................................................................................................................................
Tier 2 ................................................................................................................................................
Tier 3 ................................................................................................................................................
12 U.S.C. 164 ................
12 U.S.C. 481 ................
12 U.S.C. 504 ................
lotter on DSK11XQN23PROD with RULES1
Maximum
penalty
amount
(in dollars) 1
U.S. code citation
1 Public Law 101–410, Oct. 5, 1990, 104 Stat. 890,
codified at 28 U.S.C. 2461 note.
2 Public Law 114–74, Title VII, section 701(b),
Nov. 2, 2015, 129 Stat. 599, codified at 28 U.S.C.
2461 note.
3 See OMB Memorandum M–18–03,
Implementation of the 2018 Annual Adjustment
Pursuant to the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015, at 4,
VerDate Sep<11>2014
15:56 Jan 11, 2022
Jkt 256001
which permits agencies that have codified the
formula to adjust CMPs for inflation to update the
penalties through a notice rather than a regulation.
4 83 FR 1517 (Jan. 12, 2018) (final rule); 83 FR
1657 (Jan. 12, 2018) (2018 CMP Notice).
5 The inflation adjustment multiplier for 2022 is
1.06222. See OMB Memorandum M–22–07,
Implementation of Penalty Inflation Adjustments
for 2022, Pursuant to the Federal Civil Penalties
PO 00000
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Fmt 4700
Sfmt 4700
11,011
55,052
2 2,202,123
4,404
44,043
2 2,202,123
11,011
11,011
55,052
2 2,202,123
Inflation Adjustment Act Improvements Act of 2015
(Dec. 15, 2021).
6 See 85 FR 86795 (Dec. 31, 2020).
7 Penalties assessed for violations occurring prior
to November 2, 2015, will be subject to the
maximum amounts set forth in the OCC’s
regulations in effect prior to the enactment of the
2015 Adjustment Act.
E:\FR\FM\12JAR1.SGM
12JAR1
1658
Federal Register / Vol. 87, No. 8 / Wednesday, January 12, 2022 / Rules and Regulations
PENALTIES APPLICABLE TO NATIONAL BANKS—Continued
Maximum
penalty
amount
(in dollars) 1
U.S. code citation
Description and tier
(if applicable)
12 U.S.C. 1817(j)(16) .....
Violation of Change in Bank Control Act:
Tier 1 ................................................................................................................................................
Tier 2 ................................................................................................................................................
Tier 3 ................................................................................................................................................
Violation of Law, Unsafe or Unsound Practice, or Breach of Fiduciary Duty:
Tier 1 ................................................................................................................................................
Tier 2 ................................................................................................................................................
Tier 3 ................................................................................................................................................
Violation of Post-Employment Restrictions:
12 U.S.C. 1818(i)(2) 3 ....
12 U.S.C.
1820(k)(6)(A)(ii).
12 U.S.C. 1832(c) ..........
12 U.S.C. 1884 ..............
12 U.S.C. 1972(2)(F) .....
12 U.S.C. 3110(a) ..........
12 U.S.C. 3110(c) ..........
12 U.S.C. 3909(d)(1) .....
15 U.S.C. 78u–2(b) ........
15 U.S.C. 1639e(k) ........
42 U.S.C. 4012a(f)(5) ....
Per violation .....................................................................................................................................
Violation of Withdrawals by Negotiable or Transferable Instrument for Transfers to Third Parties:
Per violation .....................................................................................................................................
Violation of the Bank Protection Act .......................................................................................................
Violation of Anti-Tying Provisions regarding Correspondent Accounts, Unsafe or Unsound Practices,
or Breach of Fiduciary Duty:
Tier 1 ................................................................................................................................................
Tier 2 ................................................................................................................................................
Tier 3 ................................................................................................................................................
Violation of Various Provisions of the International Banking Act (Federal Branches and Agencies) ....
Violation of Reporting Requirements of the International Banking Act (Federal Branches and Agencies):
Tier 1 ................................................................................................................................................
Tier 2 ................................................................................................................................................
Tier 3 ................................................................................................................................................
Violation of International Lending Supervision Act .................................................................................
Violation of Various Provisions of the Securities Act, the Securities Exchange Act, the Investment
Company Act, or the Investment Advisers Act:
Tier 1 (natural person)—Per violation .............................................................................................
Tier 1 (other person)—Per violation ................................................................................................
Tier 2 (natural person)—Per violation .............................................................................................
Tier 2 (other person)—Per violation ................................................................................................
Tier 3 (natural person)—Per violation .............................................................................................
Tier 3 (other person)—Per violation ................................................................................................
Violation of Appraisal Independence Requirements:
First violation ....................................................................................................................................
Subsequent violations ......................................................................................................................
Flood Insurance:
Per violation .....................................................................................................................................
11,011
55,052
2 2,202,123
11,011
55,052
2 2,202,123
362,217
3,198
320
11,011
55,052
2 2,202,123
50,326
4,027
40,259
2 2,013,008
2,739
10,360
103,591
103,591
517,955
207,183
1,035,909
12,647
25,293
2,392
1 The
maximum penalty amount is per day, unless otherwise indicated.
maximum penalty amount for a national bank is the lesser of this amount or 1 percent of total assets.
amounts also apply to CMPs in statutes that cross-reference 12 U.S.C. 1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717
and 15 U.S.C. 1607, 1693o, 1681s, 1691c, and 1692l.
2 The
3 These
PENALTIES APPLICABLE TO FEDERAL SAVINGS ASSOCIATIONS
CMP description
12 U.S.C. 1464(v) ..........
Reports of Condition:
1st Tier .............................................................................................................................................
2nd Tier ............................................................................................................................................
3rd Tier .............................................................................................................................................
Refusal of Affiliate to Cooperate in Examination ....................................................................................
Late/Inaccurate Reports:
1st Tier .............................................................................................................................................
2nd Tier ............................................................................................................................................
3rd Tier .............................................................................................................................................
Violation of Change in Bank Control Act:
1st Tier .............................................................................................................................................
2nd Tier ............................................................................................................................................
3rd Tier .............................................................................................................................................
Violation of Law, Unsafe or Unsound Practice, or Breach of Fiduciary Duty:
1st Tier .............................................................................................................................................
2nd Tier ............................................................................................................................................
3rd Tier .............................................................................................................................................
12 U.S.C. 1467(d) ..........
12 U.S.C. 1467a(r) .........
lotter on DSK11XQN23PROD with RULES1
Maximum
penalty
amount
(in dollars) 8
U.S. code citation
12 U.S.C. 1817(j)(16) .....
12 U.S.C. 1818(i)(2) 3 ....
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Jkt 256001
PO 00000
Frm 00002
Fmt 4700
Sfmt 4700
E:\FR\FM\12JAR1.SGM
12JAR1
4,404
44,043
2 2,202,123
11,011
4,404
44,043
2 2,202,123
11,011
55,052
2 2,202,123
11,011
55,052
2 2,202,123
Federal Register / Vol. 87, No. 8 / Wednesday, January 12, 2022 / Rules and Regulations
1659
PENALTIES APPLICABLE TO FEDERAL SAVINGS ASSOCIATIONS—Continued
U.S. code citation
12 U.S.C.
1820(k)(6)(A)(ii).
12 U.S.C. 1832(c) ..........
12 U.S.C. 1884 ..............
12 U.S.C. 1972(2)(F) .....
15 U.S.C. 78u–2(b) ........
15 U.S.C. 1639e(k) ........
42 U.S.C. 4012a(f)(5) ....
Maximum
penalty
amount
(in dollars) 8
CMP description
Violation of Post-Employment Restrictions:
Per violation .....................................................................................................................................
Violation of Withdrawals by Negotiable or Transferable Instruments for Transfers to Third Parties:
Per violation .....................................................................................................................................
Violation of the Bank Protection Act .......................................................................................................
Violation of Provisions regarding Correspondent Accounts, Unsafe or Unsound Practices, or Breach
of Fiduciary Duty:
Tier 1 ................................................................................................................................................
Tier 2 ................................................................................................................................................
Tier 3 ................................................................................................................................................
Violations of Various Provisions of the Securities Act, the Securities Exchange Act, the Investment
Company Act, or the Investment Advisers Act:
1st Tier (natural person)—Per violation ...........................................................................................
1st Tier (other person)—Per violation .............................................................................................
2nd Tier (natural person)—Per violation .........................................................................................
2nd Tier (other person)—Per violation ............................................................................................
3rd Tier (natural person)—Per violation ..........................................................................................
3rd Tier (other person)—Per violation .............................................................................................
Violation of Appraisal Independence Requirements:
First violation ....................................................................................................................................
Subsequent violations ......................................................................................................................
Flood Insurance:
Per violation .....................................................................................................................................
362,217
2,907
320
11,011
55,052
2 2,202,123
10,360
103,591
103,591
517,955
207,183
1,035,909
12,647
25,293
2,392
8 The
maximum penalty amount is per day, unless otherwise indicated.
maximum penalty amount for a federal savings association is the lesser of this amount or 1 percent of total assets.
amounts also apply to statutes that cross-reference 12 U.S.C. 1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717 and 15
U.S.C. 1607, 1681s, 1691c, and 1692l.
2 The
3 These
Benjamin W. McDonough,
Senior Deputy Comptroller and Chief
Counsel, Office of the Comptroller of the
Currency.
FOR FURTHER INFORMATION CONTACT:
Frank R. Wright, Assistant General
Counsel, at (202) 649–3087,
Frank.Wright@fhfa.gov (not a toll-free
number); Federal Housing Finance
Agency, 400 7th Street SW, Washington,
DC 20219. For TTY/TRS users with
hearing and speech disabilities, dial 711
and ask to be connected to any of the
contact numbers above.
SUPPLEMENTARY INFORMATION:
[FR Doc. 2022–00109 Filed 1–11–22; 8:45 am]
BILLING CODE 4810–33–P
FEDERAL HOUSING FINANCE
AGENCY
12 CFR Parts 1209, 1217, and 1250
I. Background
RIN 2590–AA43
FHFA is an independent agency of the
Federal government, and the financial
safety and soundness regulator of the
Federal National Mortgage Association
(Fannie Mae) and the Federal Home
Loan Mortgage Corporation (Freddie
Mac) (collectively, the Enterprises), as
well as the Federal Home Loan Banks
(collectively, the Banks) and the Office
of Finance under authority granted by
the Federal Housing Enterprises
Financial Safety and Soundness Act of
1992 (Safety and Soundness Act).1
FHFA oversees the Enterprises and
Banks (collectively, the regulated
entities) and the Office of Finance to
ensure that they operate in a safe and
sound manner and maintain liquidity in
the housing finance market in
Rules of Practice and Procedure; Civil
Money Penalty Inflation Adjustment
Federal Housing Finance
Agency.
ACTION: Final rule.
AGENCY:
The Federal Housing Finance
Agency (FHFA) is adopting this final
rule amending its Rules of Practice and
Procedure and other agency regulations
to adjust each civil money penalty
within its jurisdiction 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.
DATES: Effective January 12, 2022, and
applicable beginning January 15, 2022.
lotter on DSK11XQN23PROD with RULES1
SUMMARY:
VerDate Sep<11>2014
15:56 Jan 11, 2022
Jkt 256001
accordance with applicable laws, rules
and regulations. To that end, FHFA is
vested with broad supervisory
discretion and specific civil
administrative enforcement powers,
similar to such authority granted by
Congress to the Federal bank regulatory
agencies.2 Section 1376 of the Safety
and Soundness Act (12 U.S.C. 4636)
empowers FHFA to impose civil money
penalties under specific conditions.
FHFA’s Rules of Practice and Procedure
(12 CFR part 1209) (the Enforcement
regulations) govern cease and desist
proceedings, civil money penalty
assessment proceedings, and other
administrative adjudications.3 FHFA’s
Flood Insurance regulation (12 CFR part
1250) governs flood insurance
responsibilities as they pertain to the
Enterprises.4 FHFA’s Implementation of
the Program Fraud Civil Remedies Act
of 1986 regulation (12 CFR part 1217)
sets forth procedures for imposing civil
penalties and assessments under the
Program Fraud Civil Remedies Act (31
U.S.C. 3801 et seq.) on any person that
makes a false claim for property,
services or money from FHFA, or makes
a false material statement to FHFA in
connection with a claim, where the
2 Id.
1 See
Safety and Soundness Act, 12 U.S.C. 4513
and 4631–4641.
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
3 See
4 See
E:\FR\FM\12JAR1.SGM
12 CFR part 1209.
12 CFR part 1250.
12JAR1
]]>Agencies
[Federal Register Volume 87, Number 8 (Wednesday, January 12, 2022)]
[Rules and Regulations]
[Pages 1657-1659]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00109]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
========================================================================
Federal Register / Vol. 87, No. 8 / Wednesday, January 12, 2022 /
Rules and Regulations
[[Page 1657]]
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Parts 19 and 109
Notification of Inflation Adjustments for Civil Money Penalties
AGENCY: Office of the Comptroller of the Currency, Treasury.
ACTION: Notification of monetary penalties 2022.
-----------------------------------------------------------------------
SUMMARY: This document announces changes to the Office of the
Comptroller of the Currency's (OCC) maximum civil money penalties as
adjusted for inflation. The inflation adjustments are required to
implement the Federal Civil Penalties Inflation Adjustment Act of 1990,
as amended by the Federal Civil Penalties Inflation Adjustment Act
Improvements Act of 2015.
DATES: The adjusted maximum amount of civil money penalties in this
document are applicable to penalties assessed on or after January 12,
2022 for conduct occurring on or after November 2, 2015.
FOR FURTHER INFORMATION CONTACT: Lee Walzer, Counsel, Chief Counsel's
Office, (202) 649-5490, Office of the Comptroller of the Currency.
SUPPLEMENTARY INFORMATION: This document announces changes to the
maximum amount of each civil money penalty (CMP) within the OCC's
jurisdiction to administer to account for inflation pursuant to the
Federal Civil Penalties Inflation Adjustment Act of 1990 (the 1990
Adjustment Act),\1\ as amended by the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015 (the 2015 Adjustment Act).\2\
Under the 1990 Adjustment Act, as amended, federal agencies must make
annual adjustments to the maximum amount of each CMP they administer.
The Office of Management and Budget (OMB) is required to issue guidance
to federal agencies no later than December 15 of each year providing an
inflation adjustment multiplier (i.e., the inflation adjustment factor
agencies must use) applicable to CMPs assessed in the following year.
The agencies are required to publish their CMPs, adjusted pursuant to
the multiplier provided by the OMB, by January 15 of the applicable
year.
---------------------------------------------------------------------------
\1\ Public Law 101-410, Oct. 5, 1990, 104 Stat. 890, codified at
28 U.S.C. 2461 note.
\2\ Public Law 114-74, Title VII, section 701(b), Nov. 2, 2015,
129 Stat. 599, codified at 28 U.S.C. 2461 note.
---------------------------------------------------------------------------
To the extent an agency codified a CMP amount in its regulations,
the agency would need to update that amount by regulation. However, if
an agency codified a formula for making the CMP adjustments, then
subsequent adjustments can be made solely by notice.\3\ In 2018, the
OCC published a final regulation that removed the CMP amounts from its
regulations while updating the CMP amounts for inflation through the
notice process.\4\
---------------------------------------------------------------------------
\3\ See OMB Memorandum M-18-03, Implementation of the 2018
Annual Adjustment Pursuant to the Federal Civil Penalties Inflation
Adjustment Act Improvements Act of 2015, at 4, which permits
agencies that have codified the formula to adjust CMPs for inflation
to update the penalties through a notice rather than a regulation.
\4\ 83 FR 1517 (Jan. 12, 2018) (final rule); 83 FR 1657 (Jan.
12, 2018) (2018 CMP Notice).
---------------------------------------------------------------------------
On December 15, 2021, the OMB issued guidance to affected agencies
on implementing the required annual adjustment, which included the
relevant inflation multiplier.\5\ The OCC has applied that multiplier
to the maximum CMPs allowable in 2021 for national banks and Federal
savings associations as listed in the 2021 CMP notice \6\ to calculate
the maximum amount of CMPs that may be assessed by the OCC in 2022.\7\
There were no new statutory CMPs administered by the OCC during 2021.
---------------------------------------------------------------------------
\5\ The inflation adjustment multiplier for 2022 is 1.06222. See
OMB Memorandum M-22-07, Implementation of Penalty Inflation
Adjustments for 2022, Pursuant to the Federal Civil Penalties
Inflation Adjustment Act Improvements Act of 2015 (Dec. 15, 2021).
\6\ See 85 FR 86795 (Dec. 31, 2020).
\7\ Penalties assessed for violations occurring prior to
November 2, 2015, will be subject to the maximum amounts set forth
in the OCC's regulations in effect prior to the enactment of the
2015 Adjustment Act.
---------------------------------------------------------------------------
The following charts provide the inflation-adjusted CMPs for use
beginning on January 12, 2022, pursuant to 12 CFR 19.240(b) and
109.103(c)(2) for conduct occurring on or after November 2, 2015:
Penalties Applicable to National Banks
------------------------------------------------------------------------
Maximum
Description and tier penalty amount
U.S. code citation (if applicable) (in dollars)
\1\
------------------------------------------------------------------------
12 U.S.C. 93(b)................. Violation of Various
Provisions of the
National Bank Act:
Tier 1............. 11,011
Tier 2............. 55,052
Tier 3............. \2\ 2,202,123
12 U.S.C. 164................... Violation of Reporting
Requirements:
Tier 1............. 4,404
Tier 2............. 44,043
Tier 3............. \2\ 2,202,123
12 U.S.C. 481................... Refusal of Affiliate 11,011
to Cooperate in
Examination.
12 U.S.C. 504................... Violation of Various
Provisions of the
Federal Reserve Act:
Tier 1............. 11,011
Tier 2............. 55,052
Tier 3............. \2\ 2,202,123
[[Page 1658]]
12 U.S.C. 1817(j)(16)........... Violation of Change in
Bank Control Act:
Tier 1............. 11,011
Tier 2............. 55,052
Tier 3............. \2\ 2,202,123
12 U.S.C. 1818(i)(2) \3\........ Violation of Law,
Unsafe or Unsound
Practice, or Breach
of Fiduciary Duty:
Tier 1............. 11,011
Tier 2............. 55,052
Tier 3............. \2\ 2,202,123
12 U.S.C. 1820(k)(6)(A)(ii)..... Violation of Post-
Employment
Restrictions:
Per violation...... 362,217
12 U.S.C. 1832(c)............... Violation of
Withdrawals by
Negotiable or
Transferable
Instrument for
Transfers to Third
Parties:
Per violation...... 3,198
12 U.S.C. 1884.................. Violation of the Bank 320
Protection Act.
12 U.S.C. 1972(2)(F)............ Violation of Anti-
Tying Provisions
regarding
Correspondent
Accounts, Unsafe or
Unsound Practices, or
Breach of Fiduciary
Duty:
Tier 1............. 11,011
Tier 2............. 55,052
Tier 3............. \2\ 2,202,123
12 U.S.C. 3110(a)............... Violation of Various 50,326
Provisions of the
International Banking
Act (Federal Branches
and Agencies).
12 U.S.C. 3110(c)............... Violation of Reporting
Requirements of the
International Banking
Act (Federal Branches
and Agencies):
Tier 1............. 4,027
Tier 2............. 40,259
Tier 3............. \2\ 2,013,008
12 U.S.C. 3909(d)(1)............ Violation of 2,739
International Lending
Supervision Act.
15 U.S.C. 78u-2(b).............. Violation of Various
Provisions of the
Securities Act, the
Securities Exchange
Act, the Investment
Company Act, or the
Investment Advisers
Act:
Tier 1 (natural 10,360
person)--Per
violation.
Tier 1 (other 103,591
person)--Per
violation.
Tier 2 (natural 103,591
person)--Per
violation.
Tier 2 (other 517,955
person)--Per
violation.
Tier 3 (natural 207,183
person)--Per
violation.
Tier 3 (other 1,035,909
person)--Per
violation.
15 U.S.C. 1639e(k).............. Violation of Appraisal
Independence
Requirements:
First violation.... 12,647
Subsequent 25,293
violations.
42 U.S.C. 4012a(f)(5)........... Flood Insurance:
Per violation...... 2,392
------------------------------------------------------------------------
\1\ The maximum penalty amount is per day, unless otherwise indicated.
\2\ The maximum penalty amount for a national bank is the lesser of this
amount or 1 percent of total assets.
\3\ These amounts also apply to CMPs in statutes that cross-reference 12
U.S.C. 1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717 and 15
U.S.C. 1607, 1693o, 1681s, 1691c, and 1692l.
Penalties Applicable to Federal Savings Associations
------------------------------------------------------------------------
Maximum
penalty amount
U.S. code citation CMP description (in dollars)
\8\
------------------------------------------------------------------------
12 U.S.C. 1464(v)............... Reports of Condition:
1st Tier........... 4,404
2nd Tier........... 44,043
3rd Tier........... \2\ 2,202,123
12 U.S.C. 1467(d)............... Refusal of Affiliate 11,011
to Cooperate in
Examination.
12 U.S.C. 1467a(r).............. Late/Inaccurate
Reports:
1st Tier........... 4,404
2nd Tier........... 44,043
3rd Tier........... \2\ 2,202,123
12 U.S.C. 1817(j)(16)........... Violation of Change in
Bank Control Act:
1st Tier........... 11,011
2nd Tier........... 55,052
3rd Tier........... \2\ 2,202,123
12 U.S.C. 1818(i)(2) \3\........ Violation of Law,
Unsafe or Unsound
Practice, or Breach
of Fiduciary Duty:
1st Tier........... 11,011
2nd Tier........... 55,052
3rd Tier........... \2\ 2,202,123
[[Page 1659]]
12 U.S.C. 1820(k)(6)(A)(ii)..... Violation of Post-
Employment
Restrictions:
Per violation...... 362,217
12 U.S.C. 1832(c)............... Violation of
Withdrawals by
Negotiable or
Transferable
Instruments for
Transfers to Third
Parties:
Per violation...... 2,907
12 U.S.C. 1884.................. Violation of the Bank 320
Protection Act.
12 U.S.C. 1972(2)(F)............ Violation of
Provisions regarding
Correspondent
Accounts, Unsafe or
Unsound Practices, or
Breach of Fiduciary
Duty:
Tier 1............. 11,011
Tier 2............. 55,052
Tier 3............. \2\ 2,202,123
15 U.S.C. 78u-2(b).............. Violations of Various
Provisions of the
Securities Act, the
Securities Exchange
Act, the Investment
Company Act, or the
Investment Advisers
Act:
1st Tier (natural 10,360
person)--Per
violation.
1st Tier (other 103,591
person)--Per
violation.
2nd Tier (natural 103,591
person)--Per
violation.
2nd Tier (other 517,955
person)--Per
violation.
3rd Tier (natural 207,183
person)--Per
violation.
3rd Tier (other 1,035,909
person)--Per
violation.
15 U.S.C. 1639e(k).............. Violation of Appraisal
Independence
Requirements:
First violation.... 12,647
Subsequent 25,293
violations.
42 U.S.C. 4012a(f)(5)........... Flood Insurance:
Per violation...... 2,392
------------------------------------------------------------------------
\8\ The maximum penalty amount is per day, unless otherwise indicated.
\2\ The maximum penalty amount for a federal savings association is the
lesser of this amount or 1 percent of total assets.
\3\ These amounts also apply to statutes that cross-reference 12 U.S.C.
1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717 and 15 U.S.C.
1607, 1681s, 1691c, and 1692l.
Benjamin W. McDonough,
Senior Deputy Comptroller and Chief Counsel, Office of the Comptroller
of the Currency.
[FR Doc. 2022-00109 Filed 1-11-22; 8:45 am]
BILLING CODE 4810-33-P
