Federal Register - January 7, 2021
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Source: Federal Register
934
Federal Register / Vol. 86, No. 4 / Thursday, January 7, 2021 / Rules and Regulations
multiplier 1.01182 to apply to each current CMP maximum amount to determine the adjusted maximum. The OMB guidance also addresses rulemaking procedures and agency reporting and oversight requirements for CMPs.17
The table below presents the adjustment calculations. The current
maximums are found at 12 CFR
747.1001, as adjusted by the final rule that the Board approved in January 2020. This amount is multiplied by the inflation multiplier to calculate the new maximum in the far-right column. Only these adjusted maximum amounts, and not the calculations, will be codified at
12 CFR 747.1001 under this final rule.
The adjusted amounts will be effective upon publication in the Federal Register and can be applied to violations that occurred on or after November 2, 2015, the date the 2015
amendments were enacted.18
TABLECALCULATION OF MAXIMUM CMP ADJUSTMENTS
Description and tier 19
Current maximum $
12 U.S.C. 1782a3
Inadvertent failure to submit a report or the inadvertent submission of a false or misleading report.
Non-inadvertent failure to submit a report or the non-inadvertent submission of a false or misleading report.
Failure to submit a report or the submission of a false or misleading report done knowingly or with reckless disregard.
Tier 1 CMP for inadvertent failure to submit certified statement of insured shares and charges due to the National Credit Union Share Insurance Fund NCUSIF, or inadvertent submission of false or misleading statement.
Tier 2 CMP for non-inadvertent failure to submit certified statement or submission of false or misleading statement.
Tier 3 CMP for failure to submit a certified statement or the submission of a false or misleading statement done knowingly or with reckless disregard.
Non-compliance with insurance logo requirements.
Non-compliance with NCUA security requirements.
Tier 1 CMP for violations of law, regulation, and other orders or agreements.
Tier 2 CMP for violations of law, regulation, and other orders or agreements and for recklessly engaging in unsafe or unsound practices or breaches of fiduciary duty.
Tier 3 CMP for knowingly committing the violations under Tier 1 or 2 natural person.
Tier 3 same CU
4,098
1.01182
4,146.
40,979
1.01182
41,463.
Lesser of 2,048,915 or 1% of total CU assets.
3,747
1.01182
1.01182
Lesser of 2,073,133 or 1% of total CU assets.
3,791.
37,458
1.01182
37,901.
Lesser of 1,872,957 or 1% of total CU assets.
1.01182
Lesser of 1,895,095 or 1% of total CU assets.
127
1.01182
129.
297
1.01182
301.
10,245
1.01182
10,366.
51,222
1.01182
51,827.
2,048,915
1.01182
2,073,133.
Lesser of 2,048,915 or 1% of total CU assets.
337,016
1.01182
1.01182
Lesser of 2,073,133 or 1% of total CU assets.
341,000.
11,767
1.01182
11,906.
23,533
2,226
1.01182
1.01182
23,811.
2,252.
12 U.S.C. 1782a3
12 U.S.C. 1782a3
12 U.S.C. 1782d2A
12 U.S.C. 1782d2B
12 U.S.C. 1782d2C
12 U.S.C. 1785a3
12 U.S.C. 1785e3
12 U.S.C. 1786k2A
12 U.S.C. 1786k2B
12 U.S.C. 1786k2C
12 U.S.C. 1786k2C
12 U.S.C. 1786w5Aii 15 U.S.C. 1639ek
15 U.S.C. 1639ek
42 U.S.C. 4012af5
Non-compliance with senior examiner postemployment restrictions.
Non-compliance with appraisal independence standards first violation.
Subsequent violations of the same
Non-compliance with flood insurance requirements.
III. Regulatory Procedures A. Final Rule Under the APA
jbell on DSKJLSW7X2PROD with RULES
Adjusted maximum $
current maximum
Multiplier, rounded to nearest dollar
Citation
In the 2015 amendments, Congress provided that agencies shall make the 17 Id.
18 Public
Law 11474, 129 Stat. 600 Nov. 2,
2015.
VerDate Sep<11>2014
16:55 Jan 06, 2021
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Multiplier
required inflation adjustments in 2017
and subsequent years notwithstanding 5
U.S.C. 553,20 which generally requires agencies to follow notice-and-comment procedures in rulemaking and to make
rules effective no sooner than 30 days after publication in the Federal Register. The 2015 amendments provide a clear exception to these requirements.21 In addition, as an
19 The table uses condensed descriptions of CMP
tiers. Refer to the U.S. Code citations for complete descriptions.
20 Public Law 11474, Sec. 701b1, 129 Stat.
584, 599 Nov. 2, 2015.
21 See 5 U.S.C. 559; Asiana Airlines v. Fed.
Aviation Admin., 134 F.3d 393, 39699 D.C. Cir.
1998.
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