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Federal Register / Vol. 86, No. 8 / Wednesday, January 13, 2021 / Rules and Regulations
This final rule is effective on January 13, 2021.
FOR FURTHER INFORMATION CONTACT:
Thomas O. Kelly, Senior Counsel 202
9747059, Legal Division, Board of Governors of the Federal Reserve System, 20th Street and Constitution Ave. NW, Washington, DC 20551. For users of Telecommunication Device for the Deaf TDD only, contact 202263
4869.
SUPPLEMENTARY INFORMATION:
DATES:

Federal Civil Penalties Inflation Adjustment Act The Federal Civil Penalties Inflation Adjustment Act of 1990, 28 U.S.C. 2461
note FCPIA Act, requires federal agencies to adjust, by regulation, the CMPs within their jurisdiction to account for inflation. The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 the 2015
Act 1 amended the FCPIA Act to require federal agencies to make annual adjustments not later than January 15 of every year.2 The Board is now issuing a new final rule to set the CMP levels pursuant to the required annual adjustment for 2021. The Board will apply these adjusted maximum penalty levels to any penalties assessed on or after January 13, 2021, whose associated violations occurred on or after November 2, 2015. Penalties assessed for violations occurring prior to November 2, 2015 will be subject to the amounts set in the Boards 2012
adjustment pursuant to the FCPIA Act.3
Under the 2015 Act, the annual adjustment to be made for 2021 is the percentage by which the Consumer Price Index for the month of October 2020 exceeds the Consumer Price Index for the month of October 2019. On December 23, 2020, as directed by the 2015 Act, the Office of Management and Budget OMB issued guidance to affected agencies on implementing the
required annual adjustment which included the relevant inflation multiplier.4 Using OMBs multiplier, the Board calculated the adjusted penalties for its CMPs, rounding the penalties to the nearest dollar.5
Administrative Procedure Act The 2015 Act states that agencies shall make the annual adjustment notwithstanding section 553 of title 5, United States Code. Therefore, this rule is not subject to the provisions of the Administrative Procedure Act the APA, 5 U.S.C. 553, requiring notice, public participation, and deferred effective date.
Regulatory Flexibility Act The Regulatory Flexibility Act, 5
U.S.C. 601 et seq., requires a regulatory flexibility analysis only for rules for which an agency is required to publish a general notice of proposed rulemaking. Because the 2015 Act states that agencies annual adjustments are to be made notwithstanding section 553 of title 5 of United States Codethe APA
section requiring notice of proposed rulemakingthe Board is not publishing a notice of proposed rulemaking. Therefore, the Regulatory Flexibility Act does not apply.
Paperwork Reduction Act There is no collection of information required by this final rule that would be subject to the Paperwork Reduction Act of 1995, 44 U.S.C. 3501 et seq.
List of Subjects in 12 CFR Part 263
Administrative practice and procedure, Claims, Crime, Equal access to justice, Lawyers, Penalties.
Authority and Issuance For the reasons set forth in the preamble, the Board amends 12 CFR
part 263 as follows:

PART 263RULES OF PRACTICE FOR
HEARINGS
1. The authority citation for part 263
continues to read as follows:

Authority: 5 U.S.C. 504, 554557; 12
U.S.C. 248, 324, 334, 347a, 504, 505, 1464, 1467, 1467a, 1817j, 1818, 1820k, 1829, 1831o, 1831p1, 1832c, 1847b, 1847d, 1884, 19722F, 3105, 3108, 3110, 3349, 3907, 3909d, 4717; 15 U.S.C. 21, 78li, 78o4, 78o5, 78u2; 1639ek; 28 U.S.C.
2461 note; 31 U.S.C. 5321; and 42 U.S.C.
4012a.

2. Section 263.65 is revised to read as follows:

263.65 Civil money penalty inflation adjustments.

a Inflation adjustments. In accordance with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which further amended the Federal Civil Penalties Inflation Adjustment Act of 1990, the Board has set forth in paragraph b of this section the adjusted maximum amounts for each civil money penalty provided by law within the Boards jurisdiction. The authorizing statutes contain the complete provisions under which the Board may seek a civil money penalty.
The adjusted civil money penalties apply only to penalties assessed on or after January 13, 2021, whose associated violations occurred on or after November 2, 2015.
b Maximum civil money penalties.
The maximum or, in the cases of 12
U.S.C. 334 and 1832c, fixed civil money penalties as set forth in the referenced statutory sections are set forth in the table in this paragraph b.

TABLE 1 TO PARAGRAPH b Adjusted civil money penalty
Statute 12 U.S.C. 324:
Inadvertently late or misleading reports, inter alia
Other late or misleading reports, inter alia
Knowingly or reckless false or misleading reports, inter alia
12 U.S.C. 334
12 U.S.C. 374a
12 U.S.C. 504:
First Tier
Second Tier
1 Public Law 11474, 129 Stat. 599 2015
codified at 28 U.S.C. 2461 note.
2 28 U.S.C. 2461 note, section 4b1.
3 77 FR 68680 Nov. 16, 2012.
4 OMB Memorandum M2110, Implementation of Penalty Inflation Adjustments for 2021, Pursuant
VerDate Sep<11>2014

16:05 Jan 12, 2021

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to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 Dec. 23, 2020.
5 Under the 2015 Act and implementing OMB
guidance, agencies are not required to make an adjustment to a CMP if, during the 12 months preceding the required adjustment, such penalty
PO 00000

Frm 00002

Fmt 4700

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$4,146
41,463
2,073,133
301
301
10,366
51,827

increased due to a law other than the 2015 Act by an amount greater than the amount of the required adjustment. No other laws have adjusted the CMPs within the Boards jurisdiction during the preceding 12 months.

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