OCC Bulletin 2020-2 | January 8, 2020

Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2020

To

Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties

Summary

On December 30, 2019, the Office of the Comptroller of the Currency (OCC) published in the Federal Register the attached notice to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction 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 (2015 Adjustment Act). The adjusted maximum penalties are effective immediately for violations occurring on or after November 2, 2015.

Note for Community Banks

The OCC may exercise its discretion to impose inflation-adjusted maximum CMPs on any national bank or federal savings association, if appropriate.

Highlights

The notice updates the inflation-adjusted maximum CMPs that the OCC may impose, using the inflation adjustment required under the 2015 Adjustment Act, as provided by the Office of Management and Budget (OMB) in OMB Memorandum M-20-05 issued on December 16, 2019. This revision does not affect the OCC’s discretion to assess a CMP in an amount lower than the maximum allowed.

Background

The 2015 Adjustment Act requires federal agencies with CMP authority to annually adjust each CMP authorized by law that the agency has jurisdiction to administer, in accordance with the guidance published by the OMB. Agencies must adjust their CMPs no later than January 15 of each year and publish those adjustments in the Federal Register.

Further Information

Please contact Lee Walzer, Counsel, Chief Counsel’s Office, at (202) 649-5490.

Jonathan V. Gould
Senior Deputy Comptroller and Chief Counsel