13 Jan 2025
💼Federal Reserve Updates Civil Money Penalties for Inflation in 2025
Rules of Practice for Hearings
Summary
The Board of Governors of the Federal Reserve System (the "Board") is issuing a final rule amending its rules of practice and procedure to adjust the amount of each civil money penalty ("CMP") provided by law within its jurisdiction to account for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
Agencies
- Federal Reserve System
Business Impact
$$ - Med
The regulation adjusts civil money penalties (CMPs) for inflation, directly affecting compliance costs for businesses facing penalties post-January 13, 2025. Business owners must prepare for increased financial exposure due to higher penalties for violations after the specified date.