Date: February 8, 2013
Description: Final Rule - Technical Correction
On December 28, 2012, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached final rule making a technical correction to its rules of practice and procedure to clarify the effective dates of the adjustments, published November 6, 2012, to the maximum amount of civil money penalties (CMP) the OCC administers. See 77 FR 66529 (November 6, 2012) and OCC Bulletin 2012-38, “Civil Money Penalty: Inflation Adjustment Amendment: Final Rule” (November 20, 2012).
This technical correction amends 12 CFR 19.240(b) and 12 CFR 109.103(c) to clarify that the inflation adjustments to the maximum amount of the OCC’s CMPs made pursuant to the Inflation Adjustment Act of 1990 apply to violations that occurred on or after December 6, 2012.
This technical correction also clarifies that the changes to the flood insurance CMP, incorporated into the OCC’s CMP charts in 12 CFR 19 and 12 CFR 109, apply to violations that occurred on or after July 6, 2012, consistent with the effective date of section 100208 of the Biggert-Waters Flood Insurance Reform Act of 2012.
For further information, contact Jean Campbell, Senior Attorney, Legislative and Regulatory Activities Division, at (202) 649-5490 or (202) 649-6550.
Acting Chief Counsel
- Final Rule (PDF)