2114 Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Rules and Regulations 

1Public Law 114–74, 129 Stat. 599 (2015) 

(codified at 28 U.S.C. 2461 note). 

2 28 U.S.C. 2461 note, 4(b)(1). 

3 77 FR 68,680 (Nov. 16, 2012). 

4OMB Memorandum M–24–07, Implementation 

of Penalty Inflation Adjustments for 2024, Pursuant 

to the Federal Civil Penalties Inflation Adjustment 

Act Improvements Act of 2015 (Dec. 19, 2023). 

5Under 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 

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 Board’s jurisdiction during the preceding 

12 months. 

is not subject to the requirements of the 

Paperwork Reduction Act of 1995. 

XI. Congressional Review Act 

This final rule is a rule as defined in 

the Congressional Review Act (5 U.S.C. 

801–808). However, the Office of 

Management and Budget has not found 

it to be a major rule as defined in the 

Congressional Review Act. 

List of Subjects 

10 CFR Part 2 

Administrative practice and 

procedure, Antitrust, Byproduct 

material, Classified information, 

Confidential business information; 

Freedom of information, Environmental 

protection, Hazardous waste, Nuclear 

energy, Nuclear materials, Nuclear 

power plants and reactors, Penalties, 

Reporting and recordkeeping 

requirements, Sex discrimination, 

Source material, Special nuclear 

material, Waste treatment and disposal. 

10 CFR Part 13 

Administrative practice and 

procedure, Claims, Fraud, Organization 

and function (Government agencies), 

Penalties. 

For the reasons set out in the 

preamble and under the authority of the 

Atomic Energy Act of 1954, as amended; 

the Energy Reorganization Act of 1974, 

as amended; 28 U.S.C. 2461 note; and 5 

U.S.C. 552 and 553, the NRC is adopting 

the following amendments to 10 CFR 

parts 2 and 13: 

PART 2—AGENCY RULES OF 

PRACTICE AND PROCEDURE 

■ 1. The authority citation for part 2 

continues to read as follows: 

Authority: Atomic Energy Act of 1954, 

secs. 29, 53, 62, 63, 81, 102, 103, 104, 105, 

161, 181, 182, 183, 184, 186, 189, 191, 234 

(42 U.S.C. 2039, 2073, 2092, 2093, 2111, 

2132, 2133, 2134, 2135, 2201, 2231, 2232, 

2233, 2234, 2236, 2239, 2241, 2282); Energy 

Reorganization Act of 1974, secs. 201, 206 

(42 U.S.C. 5841, 5846); Nuclear Waste Policy 

Act of 1982, secs. 114(f), 134, 135, 141 (42 

U.S.C. 10134(f), 10154, 10155, 10161); 

Administrative Procedure Act (5 U.S.C. 552, 

553, 554, 557, 558); National Environmental 

Policy Act of 1969 (42 U.S.C. 4332); 44 U.S.C. 

3504 note. 

Section 2.205(j) also issued under 28 

U.S.C. 2461 note. 

§ 2.205 [Amended] 

■ 2. In § 2.205, amend paragraph (j) by 

removing the amount ‘‘$351,424’’ and 

adding in its place the amount 

‘‘$362,814’’. 

PART 13—PROGRAM FRAUD CIVIL 

REMEDIES 

■ 3. The authority citation for part 13 

continues to read as follows: 

Authority: 31 U.S.C. 3801 through 3812; 

44 U.S.C. 3504 note. 

Section 13.3 also issued under 28 U.S.C. 

2461 note Section 13.13 also issued under 31 

U.S.C. 3730. 

§ 13.3 [Amended] 

■ 4. In § 13.3, amend paragraphs 

(a)(1)(iv) and (b)(1)(ii) by removing the 

amount ‘‘$13,508’’ and adding in its 

place the amount ‘‘$13,946’’. 

Dated: December 20, 2023. 

For the Nuclear Regulatory Commission. 

Daniel H. Dorman, 

Executive Director for Operations. 

[FR Doc. 2023–28969 Filed 1–11–24; 8:45 am] 

BILLING CODE 7590–01–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 263 

[Docket No. R–1827] 

RIN 7100–AG74 

Rules of Practice for Hearings 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Final rule. 

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. 

DATES: This final rule is effective on 

January 12, 2024. 

FOR FURTHER INFORMATION CONTACT: 

Thomas O. Kelly, Senior Counsel (202– 

974–7059), Legal Division, Board of 

Governors of the Federal Reserve 

System, 20th Street and Constitution 

Ave. NW, Washington, DC 20551. For 

users of TTY–TRS, please call 711 from 

any telephone, anywhere in the United 

States. 

SUPPLEMENTARY INFORMATION: 

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 2024. The Board will 

apply these adjusted maximum penalty 

levels to any penalties assessed on or 

after [publication date], 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 Board’s 2012 

adjustment pursuant to the FCPIA Act.3

Under the 2015 Act, the annual 

adjustment to be made for 2024 is the 

percentage by which the Consumer 

Price Index for the month of October 

2023 exceeds the Consumer Price Index 

for the month of October 2022. On 

December 19, 2023, 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 OMB’s 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 


khammond on DSKJM1Z7X2PROD with RULES
Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Rules and Regulations 2115 

be made notwithstanding section 553 of 

title 5 of United States Code—the APA 

section requiring notice of proposed 

rulemaking—the 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 to read as follows: 

PART 263—RULES OF PRACTICE FOR 

HEARINGS 

■ 1. The authority citation for part 263 

continues to read as follows: 

Authority: 5 U.S.C. 504, 554–557; 12 

U.S.C. 248, 324, 334, 347a, 504, 505, 1464, 

1467, 1467a, 1817(j), 1818, 1820(k), 1829, 

1831o, 1831p–1, 1832(c), 1847(b), 1847(d), 

1884, 1972(2)(F), 3105, 3108, 3110, 3349, 

3907, 3909(d), 4717; 15 U.S.C. 21, 78l(i), 

78o–4, 78o–5, 78u–2; 1639e(k); 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 Board’s 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 12, 2024, 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 1832(c), 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) 

Statute Adjusted civil 

money penalty 

12 U.S.C. 324: 

Inadvertently late or misleading reports, inter alia ............................................................................................................... $4,899 

Other late or misleading reports, inter alia ........................................................................................................................... 48,992 

Knowingly or reckless false or misleading reports, inter alia ............................................................................................... 2,449,575 

12 U.S.C. 334 .............................................................................................................................................................................. 356 

12 U.S.C. 374a ............................................................................................................................................................................ 356 

12 U.S.C. 504: 

First Tier ............................................................................................................................................................................... 12,249 

Second Tier .......................................................................................................................................................................... 61,238 

Third Tier .............................................................................................................................................................................. 2,449,575 

12 U.S.C. 505: 

First Tier ............................................................................................................................................................................... 12,249 

Second Tier .......................................................................................................................................................................... 61,238 

Third Tier .............................................................................................................................................................................. 2,449,575 

12 U.S.C. 1464(v)(4) ................................................................................................................................................................... 4,899 

12 U.S.C. 1464(v)(5) ................................................................................................................................................................... 48,992 

12 U.S.C. 1464(v)(6) ................................................................................................................................................................... 2,449,575 

12 U.S.C. 1467a(i)(2) .................................................................................................................................................................. 61,238 

12 U.S.C. 1467a(i)(3) .................................................................................................................................................................. 61,238 

12 U.S.C. 1467a(r): 

First Tier ............................................................................................................................................................................... 4,899 

Second Tier .......................................................................................................................................................................... 48,992 

Third Tier .............................................................................................................................................................................. 2,449,575 

12 U.S.C. 1817(j)(16): 

First Tier ............................................................................................................................................................................... 12,249 

Second Tier .......................................................................................................................................................................... 61,238 

Third Tier .............................................................................................................................................................................. 2,449,575 

12 U.S.C. 1818(i)(2): 

First Tier ............................................................................................................................................................................... 12,249 

Second Tier .......................................................................................................................................................................... 61,238 

Third Tier .............................................................................................................................................................................. 2,449,575 

12 U.S.C. 1820(k)(6)(A)(ii) ........................................................................................................................................................... 402,920 

12 U.S.C. 1832(c) ........................................................................................................................................................................ 3,558 

12 U.S.C. 1847(b) ........................................................................................................................................................................ 61,238 

12 U.S.C. 1847(d): 

First Tier ............................................................................................................................................................................... 4,899 

Second Tier .......................................................................................................................................................................... 48,992 

Third Tier .............................................................................................................................................................................. 2,449,575 

12 U.S.C. 1884 ............................................................................................................................................................................ 356 

12 U.S.C. 1972(2)(F): 

First Tier ............................................................................................................................................................................... 12,249 

Second Tier .......................................................................................................................................................................... 61,238 

Third Tier .............................................................................................................................................................................. 2,449,575 

12 U.S.C. 3110(a) ........................................................................................................................................................................ 55,981 

12 U.S.C. 3110(c): 


khammond on DSKJM1Z7X2PROD with RULES
2116 Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Rules and Regulations 

1While the 1990 Act, as amended by the 1996 

and 2015 Acts, uses the term ‘‘civil monetary 

penalties’’ for these penalties or other sanctions, the 

Farm Credit Act and FCA regulations use the term 

‘‘civil money penalties.’’ Both terms have the same 

meaning. Accordingly, this rule uses the term civil 

money penalty, and both terms may be used 

interchangeably. 

2See 28 U.S.C. 2461 note. 

3Public Law 92–181, as amended. 

4 42 U.S.C. 4012a and Public Law 103–325, title 

V, 108 Stat. 2160, 2255–87 (September 23, 1994). 

5The inflation-adjusted CMP in effect on January 

15, 2023, for a violation of a final order is $2,741 

per day, as set forth in § 622.61(a)(1) of FCA 

regulations. 

TABLE 1 TO PARAGRAPH (b)—Continued 

Statute Adjusted civil 

money penalty 

First Tier ............................................................................................................................................................................... 4,480 

Second Tier .......................................................................................................................................................................... 44,783 

Third Tier .............................................................................................................................................................................. 2,239,210 

12 U.S.C. 3909(d) ........................................................................................................................................................................ 3,047 

15 U.S.C. 78u–2(b)(1): 

For a natural person ............................................................................................................................................................. 11,524 

For any other person ............................................................................................................................................................ 115,231 

15 U.S.C. 78u–2(b)(2) 

For a natural person ............................................................................................................................................................. 115,231 

For any other person ............................................................................................................................................................ 576,158 

15 U.S.C. 78u–2(b)(3) 

For a natural person ............................................................................................................................................................. 230,464 

For any other person ............................................................................................................................................................ 1,152,314 

15 U.S.C. 1639e(k)(1) ................................................................................................................................................................. 14,069 

15 U.S.C. 1639e(k)(2) ................................................................................................................................................................. 28,135 

42 U.S.C. 4012a(f)(5) .................................................................................................................................................................. 2,661 

By order of the Board of Governors of the 

Federal Reserve System, acting through the 

Secretary of the Board under delegated 

authority. 

Ann E. Misback, 

Secretary of the Board. 

[FR Doc. 2024–00650 Filed 1–11–24; 8:45 am] 

BILLING CODE 6210–01–P 

FARM CREDIT ADMINISTRATION 

12 CFR Part 622 

RIN 3052–AD62 

Rules of Practice and Procedure; 

Adjusting Civil Money Penalties for 

Inflation 

AGENCY: Farm Credit Administration. 

ACTION: Final rule. 

SUMMARY: This regulation implements 

inflation adjustments to civil money 

penalties (CMPs) that the Farm Credit 

Administration (FCA) may impose or 

enforce pursuant to the Farm Credit Act 

of 1971, as amended (Farm Credit Act), 

and pursuant to the Flood Disaster 

Protection Act of 1973, as amended by 

the National Flood Insurance Reform 

Act of 1994, and further amended by the 

Biggert-Waters Flood Insurance Reform 

Act of 2012 (Biggert-Waters Act) 

(collectively FDPA, as amended). 

DATES: This regulation is effective on 

January 15, 2024. 

FOR FURTHER INFORMATION CONTACT: 

Brian Camp, Accountant, Office of 

Regulatory Policy, Farm Credit 

Administration, (703) 883–4320, TTY 

(703) 883–4056, or, Heather LoPresti, 

Senior Counsel, Office of General 

Counsel, Farm Credit Administration, 

(703) 883–4318, TTY (703) 883–4056. 

SUPPLEMENTARY INFORMATION: 

I. Objective 

The objective of this regulation is to 

adjust the maximum CMPs for inflation 

through a final rulemaking to retain the 

deterrent effect of such penalties. 

II. Background 

A. Introduction 

The Federal Civil Penalties Inflation 

Adjustment Act of 1990, as amended by 

the Debt Collection Improvement Act of 

1996 (1996 Act) and the Federal Civil 

Penalties Inflation Adjustment Act 

Improvements Act of 2015 (2015 Act) 

(collectively, 1990 Act, as amended), 

requires all Federal agencies with the 

authority to enforce CMPs to evaluate 

and adjust, if necessary, those CMPs 

each year to ensure that they continue 

to maintain their deterrent value and 

promote compliance with the law. 

Section 3(2) of the 1990 Act, as 

amended, defines a civil monetary 

penalty 1 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.2

The FCA imposes and enforces CMPs 

through the Farm Credit Act 3 and the 

FDPA, as amended.4 FCA’s regulations 

governing CMPs are found in 12 CFR 

parts 622 and 623. Part 622 establishes 

rules of practice and procedure 

applicable to formal and informal 

hearings held before the FCA, and to 

formal investigations conducted under 

the Farm Credit Act. Part 623 prescribes 

rules regarding persons who may 

practice before the FCA and the 

circumstances under which such 

persons may be suspended or debarred 

from practice before the FCA. 

B. CMPs Issued Under the Farm Credit 

Act 

Section 5.32(a) of the Farm Credit Act 

provides that any Farm Credit System 

(System) institution or any officer, 

director, employee, agent, or other 

person participating in the conduct of 

the affairs of a System institution who 

violates the terms of an order that has 

become final pursuant to section 5.25 or 

5.26 of the Farm Credit Act must pay a 

maximum daily amount of $1,000,5 for 

each day such violation continues. This 

CMP maximum was set by the Farm 

Credit Amendments Act of 1985, which 

amended the Farm Credit Act. Orders 

issued by the FCA under section 5.25 or 

5.26 of the Farm Credit Act include 

temporary and permanent cease-anddesist orders. In addition, section 

5.32(h) of the Farm Credit Act provides 

that any directive issued under sections 

4.3(b)(2), 4.3A(e), or 4.14A(i) of the 

Farm Credit Act ‘‘shall be treated’’ as a 

final order issued under section 5.25 of 


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