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Federal Register / Vol. 86, No. 26 / Wednesday, February 10, 2021 / Rules and Regulations
FARM CREDIT SYSTEM INSURANCE
CORPORATION
12 CFR Part 1411
RIN 3055AA17

Rules of Practice and Procedure;
Adjusting Civil Money Penalties for Inflation Farm Credit System Insurance Corporation.
ACTION: Final rule.
AGENCY:

This rule implements inflation adjustments to civil money penalties CMPs that the Farm Credit System Insurance Corporation FCSIC
may impose under the Farm Credit Act of 1971, as amended. These adjustments are required by 2015 amendments to the Federal Civil Penalties Inflation Adjustment Act of 1990.
DATES:
Effective date: This regulation is effective on February 10, 2021.
Applicability date: The adjusted amounts of civil money penalties in this rule are applicable to penalties assessed on or after January 15, 2021, for conduct occurring on or after November 2, 2015.
FOR FURTHER INFORMATION CONTACT:
Lynn M. Powalski, General Counsel, Farm Credit System Insurance Corporation, 1501 Farm Credit Drive, McLean, Virginia 22102, 703 883
4380, TTY 703 8834390.
SUPPLEMENTARY INFORMATION:
SUMMARY:

I. Background The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 the 2015 Act amended the Federal Civil Penalties Inflation Adjustment Act of 1990 the Inflation Adjustment Act 1 to improve the effectiveness of civil monetary penalties and to maintain their deterrent effect.
The Inflation Adjustment Act provides for the regular evaluation of CMPs and requires FCSIC, and every other Federal agency with authority to impose CMPs, to ensure that CMPs continue to maintain their deterrent values.2
1 Public Law 101410, 104 Stat. 890 Oct. 5, 1990, as amended by Public Law 104134, title III, 31001s1, 110 Stat. 1321373 Apr. 26, 1996;
Public Law 105362, title XIII, 1301a, 112 Stat.
3293 Nov. 10, 1998; Public Law 11474, title VII, 701b, 129 Stat. 599 Nov. 2, 2015, codified at 28 U.S.C. 2461 note.
2 Under the amended Inflation Adjustment Act, a CMP is defined as any penalty, fine, or other sanction that: 1 Either is for a specific monetary amount as provided by Federal law or has a maximum amount provided for by Federal law; 2
is assessed or enforced by an agency pursuant to Federal law; and 3 is assessed or enforced pursuant to an administrative proceeding or a civil action in the Federal courts. All three requirements must be met for a fine to be considered a CMP.

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FCSIC must enact regulations that annually adjust its CMPs pursuant to the inflation adjustment formula of the amended Inflation Adjustment Act and rounded using a method prescribed by the Inflation Adjustment Act. The new amounts are applicable to penalties assessed on or after January 15, 2021, for conduct occurring on or after November 2, 2015. Agencies do not have discretion in choosing whether to adjust a CMP, by how much to adjust a CMP, or the methods used to determine the adjustment.
II. CMPs Imposed Pursuant to Section 5.65 of the Farm Credit Act First, section 5.65c of the Farm Credit Act, as amended Act, provides that any insured Farm Credit System bank that willfully fails or refuses to file any certified statement or pay any required premium shall be subject to a penalty of not more than $100 for each day that such violations continue, which penalty FCSIC may recover for its use.3 Second, section 5.65d of the Act provides that, except with the prior written consent of the Farm Credit Administration, it shall be unlawful for any person convicted of any criminal offense involving dishonesty or a breach of trust to serve as a director, officer, or employee of any System institution.4
For each willful violation of section 5.65d, the institution involved shall be subject to a penalty of not more than $100 for each day during which the violation continues, which FCSIC may recover for its use.
FCSICs current 1411.1 provides that FCSIC can impose a maximum penalty of $214 per day for a violation under section 5.65c and d of the Act.
III. Required Adjustments The 2015 Act requires agencies to make annual adjustments for inflation.
Annual inflation adjustments are based on the percent change between the October Consumer Price Index for all Urban Consumers CPIU preceding the date of the adjustment, and the prior years October CPIU. Based on the CPI
U for October 2020, not seasonally adjusted, the cost-of-living adjustment multiplier for 2021 is 1.01182.5
Multiplying 1.01182 times the current penalty amount of $214, after rounding to the nearest dollar as required by the
2015 Act, results in a new penalty amount of $217.
IV. Notice and Comment Not Required by Administrative Procedure Act In accordance with the 2015 Act, Federal agencies shall adjust civil monetary penalties notwithstanding Section 553 of the Administrative Procedures Act. This means that public procedure generally required for agency rulemakingnotice, an opportunity for comment, and a delay in effective dateis not required for agencies to issue regulations implementing the annual adjustment.
List of Subjects in 12 CFR Part 1411
Banks, banking, Civil money penalties, Penalties.
For the reasons stated in the preamble, part 1411 of chapter XIV, title 12 of the Code of Federal Regulations is amended as follows:
PART 1411RULES OF PRACTICE
AND PROCEDURE
1. The authority citation for part 1411
continues to read as follows:

Authority: Secs. 5.5810, 5.65c and d of the Farm Credit Act 12 U.S.C. 2277a 710, 2277a14c and d; 28 U.S.C. 2461
note.

2. Revise 1411.1 to read as follows:

1411.1 Inflation adjustment of civil money penalties for failure to file a certified statement, pay any premium required or obtain approval before employment of persons convicted of criminal offenses.

In accordance with the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended, a civil money penalty imposed pursuant to section 5.65c or d of the Farm Credit Act of 1971, as amended, shall not exceed $217 per day for each day the violation continues.
Dated: January 19, 2021.
Dale Aultman, Secretary, Farm Credit System Insurance Corporation.
FR Doc. 202101578 Filed 2921; 8:45 am BILLING CODE 671001P

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U.S.C. 2277a14c.
U.S.C. 2277a14d.
5 See Office of Mgmt. & Budget, Exec. Office of the President, OMB Memorandum No. M2110, Implementation of Penalty Inflation Adjustments for 2020, Pursuant to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015
December 23, 2020.
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