Federal Register / Vol. 89, No. 7 / Wednesday, January 10, 2024 / Rules and Regulations 1441 

1Public Law 104–134, Sec. 31001(s), 110 Stat. 

1321–373 (Apr. 26, 1996). The law is codified at 28 

U.S.C. 2461 note. 

2Public Law 101–410, 104 Stat. 890 (Oct. 5, 

1990), codified at 28 U.S.C. 2461 note. 

3Public Law 114–74, 129 Stat. 584 (Nov. 2, 2015). 

4 129 Stat. 599. 

5Public Law 114–74, Sec. 701(b)(1), 129 Stat. 584, 

599 (Nov. 2, 2015). 

6 81 FR 40152 (June 21, 2016); 81 FR 78028 (Nov. 

7, 2016). 

7Public Law 114–74, Sec. 701(b)(1), 129 Stat. 584, 

599 (Nov. 2, 2015). 

8 82 FR 7640 (Jan. 23, 2017). 

9 82 FR 29710 (June 30, 2017). 

10 83 FR 2029 (Jan. 16, 2018); 84 FR 2052 (Feb. 

6, 2019); 85 FR 2009 (Jan. 14, 2020); 86 FR 933 (Jan. 

7, 2021); 87 FR 377 (Jan. 5, 2022); 88 FR 1323 (Jan. 

10, 2023). 

11Public Law 114–74, Sec. 701(b)(1), 129 Stat. 

584, 599 (Nov. 2, 2015). 

12This index is published by the Department of 

Labor, Bureau of Labor Statistics, and is available 

at its website: https://www.bls.gov/cpi/. 

13Public Law 114–74, Sec. 701(b)(2)(B), 129 Stat. 

584, 600 (Nov. 2, 2015). 

14Public Law 114–74, Sec. 701(b)(1), 129 Stat. 

584, 600 (Nov. 2, 2015). 

Authority: 5 U.S.C. ch. 131; Pub. L. 101– 

410, 104 Stat. 890, 28 U.S.C. 2461 note, as 

amended by sec. 31001, Pub. L. 104–134, 110 

Stat. 1321 and sec. 701, Pub. L. 114–74; E.O. 

12674, 54 FR 15159, 3 CFR, 1989 Comp., p. 

215, as modified by E.O. 12731, 55 FR 42547, 

3 CFR, 1990 Comp., p. 306. 

■ 6. Section 2636.104 is amended by 

revising the section heading and 

paragraph (a) to read as follows: 

§ 2636.104 Civil, disciplinary, and other 

action. 

(a) Civil action. Except when the 

employee engages in conduct in good 

faith reliance upon an advisory opinion 

issued under § 2636.103, an employee 

who engages in any conduct in violation 

of the prohibitions, limitations, and 

restrictions contained in this part may 

be subject to civil action under 5 U.S.C. 

13145(a), and a civil monetary penalty 

of not more than the amounts set in 

Table 1 to this this paragraph (a), as 

adjusted in accordance with the 

inflation adjustment procedures 

prescribed in the Federal Civil Penalties 

Inflation Adjustment Act of 1990, as 

amended, or the amount of the 

compensation the individual received 

for the prohibited conduct, whichever is 

greater. 

TABLE 1 TO § 2636.104(a) 

Date of violation Penalty 

Violation occurring between Sept. 29, 

1999 and Nov. 2, 2015 .......................... $11,000 

Violation occurring after Nov. 2, 2015 ...... 24,496 

* * * * * 

[FR Doc. 2024–00271 Filed 1–9–24; 8:45 am] 

BILLING CODE 6345–03–P 

NATIONAL CREDIT UNION 

ADMINISTRATION 

12 CFR Part 747 

RIN 3133–AF58 

Civil Monetary Penalty Inflation 

Adjustment 

AGENCY: National Credit Union 

Administration (NCUA). 

ACTION: Final rule. 

SUMMARY: The NCUA Board (Board) is 

amending its regulations to adjust the 

maximum amount of each civil 

monetary penalty (CMP) within its 

jurisdiction to account for inflation. 

This action, including the amount of the 

adjustments, is required under the 

Federal Civil Penalties Inflation 

Adjustment Act of 1990, as amended by 

the Debt Collection Improvement Act of 

1996 and the Federal Civil Penalties 

Inflation Adjustment Act Improvements 

Act of 2015. 

DATES: This final rule is effective 

January 10, 2024. 

FOR FURTHER INFORMATION CONTACT: Gira 

Bose, Senior Staff Attorney, at 1775 

Duke Street, Alexandria, VA 22314, or 

telephone: (703) 518–6562. 

SUPPLEMENTARY INFORMATION: 

I. Legal Background 

II. Regulatory Procedures 

I. Legal Background 

A. Statutory Requirements 

Every Federal agency, including the 

NCUA, is required by law to adjust its 

maximum CMP amounts each year to 

account for inflation. Prior to this being 

an annual requirement, agencies were 

required to adjust their CMPs at least 

once every four years. The previous 

four-year requirement stemmed from the 

Debt Collection Improvement Act of 

1996,1 which amended the Federal Civil 

Penalties Inflation Adjustment Act of 

1990.2

The current annual requirement stems 

from the Bipartisan Budget Act of 2015,3

which contains the Federal Civil 

Penalties Inflation Adjustment Act 

Improvements Act of 2015 (the 2015 

amendments).4 This legislation 

provided for an initial ‘‘catch-up’’ 

adjustment of CMPs in 2016, followed 

by annual adjustments. The catch-up 

adjustment reset CMP maximum 

amounts by setting aside the inflation 

adjustments that agencies made in prior 

years and instead calculated inflation 

with reference to the year when each 

CMP was enacted or last modified by 

Congress. Agencies were required to 

publish their catch-up adjustments in an 

interim final rule by July 1, 2016, and 

make them effective by August 1, 2016.5

The NCUA complied with these 

requirements in a June 2016 interim 

final rule, followed by a November 2016 

final rule to confirm the adjustments as 

final.6

The 2015 amendments also specified 

how agencies must conduct annual 

inflation adjustments after the 2016 

catch-up adjustment. Following the 

catch-up adjustment, agencies must 

make the required adjustments and 

publish them in the Federal Register by 

January 15 each year.7 For 2017, the 

NCUA issued an interim final rule on 

January 6, 2017,8 followed by a final 

rule issued on June 23, 2017.9 For each 

of the years 2018 through 2023, the 

NCUA issued a final rule to satisfy the 

agency’s annual requirements.10 This 

final rule satisfies the agency’s 

requirement for the 2024 annual 

adjustment. 

The law provides that the adjustments 

shall be made notwithstanding the 

section of the Administrative Procedure 

Act (APA) that requires prior notice and 

public comment for agency 

rulemaking.11 The 2015 amendments 

also specify that each CMP maximum 

must be increased by the percentage by 

which the consumer price index for 

urban consumers (CPI–U) 12 for October 

of the year immediately preceding the 

year the adjustment is made exceeds the 

CPI–U for October of the prior year.13

Thus, for the adjustment to be made in 

2024, an agency must compare the 

October 2022 and October 2023 CPI–U 

figures. 

An annual adjustment under the 2015 

amendments is not required if a CMP 

has been amended in the preceding 12 

months pursuant to other authority. 

Specifically, the statute provides that an 

agency is not required to make an 

annual adjustment to a CMP if in the 

preceding 12 months it has been 

increased by an amount greater than the 

annual adjustment required by the 2015 

amendments.14 The NCUA did not 

make any adjustments in the preceding 

12 months pursuant to other authority. 

Therefore, this rulemaking adjusts all of 

the NCUA’s CMPs pursuant to the 2015 

amendments. 

B. Application to the 2024 Adjustments 

and Office of Management and Budget 

Guidance 

This section applies the statutory 

requirements and the Office of 

Management and Budget’s (OMB) 

guidance to the NCUA’s CMPs and sets 

forth the Board’s calculation of the 2024 

adjustments. 


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15Public Law 114–74, Sec. 701(b)(4), 129 Stat. 

584, 601 (Nov. 2, 2015). 16See OMB Memorandum M–24–07, 

Implementation of Penalty Inflation Adjustments 

for 2024, Pursuant to the Federal Civil Penalties 

Inflation Adjustment Act Improvements Act of 2015 

(December 19, 2023). 

17 Id. 

18Public Law 114–74, 129 Stat. 600 (Nov. 2, 

2015). 

19NCUA Reinstates Civil Money Penalties for 

Late Call Report Filing, November 2023. 

Announcement available at https://ncua.gov/ 

newsroom/press-release/2023/ncua-reinstates-civilmoney-penalties-late-call-report-filing?utm_

medium=email&utm_source=NCUAgovdelivery. 

20 Id. 

The 2015 amendments directed OMB 

to issue guidance to agencies on 

implementing the inflation 

adjustments.15 OMB is required to issue 

its guidance each December and, with 

respect to the 2024 annual adjustment, 

did so on December 19, 2023.16 For 

2024, Federal agencies must adjust the 

maximum amounts of their CMPs by the 

percentage by which the October 2023 

CPI–U (307.671) exceeds the October 

2022 CPI–U (298.012). The resulting 

increase can be expressed as an inflation 

multiplier (1.03241) 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 following table 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 

2023. 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

On November 28, 2023, the NCUA 

announced the reinstatement of the 

program under which the agency 

assesses CMPs for credit unions failing 

to submit NCUA Form 5300 Call 

Reports.19 As stated in the 

announcement, this program was 

suspended after the December 2019 

cycle due to the COVID–19 pandemic. 

The December 2023 Call Report will be 

the first reporting cycle under the 

reinstated program and will be due by 

11:59:59 p.m. Eastern time, January 30, 

2024.20

TABLE—CALCULATION OF MAXIMUM CMP ADJUSTMENTS

Citation Description and tier 21 Current 

maximum ($) Multiplier 

Adjusted maximum ($) 

(current maximum X 

multiplier, rounded to 

nearest dollar) 

12 U.S.C. 1782(a)(3) ......................... Inadvertent failure to submit a report or the inadvertent submission of a false or misleading report.4,745 ........................... 1.03241 4,899 

12 U.S.C. 1782(a)(3) ......................... Non-inadvertent failure to submit a report or 

the non-inadvertent submission of a false or 

misleading report.

47,454 ......................... 1.03241 48,992 

12 U.S.C. 1782(a)(3) ......................... Failure to submit a report or the submission of 

a false or misleading report done knowingly 

or with reckless disregard.

Lesser of 2,372,677 or 

1% of total credit 

union (CU) assets.

1.03241 Lesser of 2,449,575 or 

1% of total CU assets 

12 U.S.C. 1782(d)(2)(A) ..................... 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.

4,339 ........................... 1.03241 4,480 

12 U.S.C. 1782(d)(2)(B) ..................... Tier 2 CMP for non-inadvertent failure to submit certified statement or submission of false 

or misleading statement.

43,377 ......................... 1.03241 44,783 

12 U.S.C. 1782(d)(2)(C) ..................... 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.

Lesser of 2,168,915 or 

1% of total CU assets.

1.03241 Lesser of 2,239,210 or 

1% of total CU assets 

12 U.S.C. 1785(a)(3) ......................... Non-compliance with insurance logo requirements.148 .............................. 1.03241 153 

12 U.S.C. 1785(e)(3) ......................... Non-compliance with NCUA security requirements.345 .............................. 1.03241 356 

12 U.S.C. 1786(k)(2)(A) ..................... Tier 1 CMP for violations of law, regulation, 

and other orders or agreements.

11,864 ......................... 1.03241 12,249 

12 U.S.C. 1786(k)(2)(B) ..................... 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.

59,316 ......................... 1.03241 61,238 

12 U.S.C. 1786(k)(2)(C) ..................... Tier 3 CMP for knowingly committing the violations under Tier 1 or 2 (natural person).2,372,677 .................... 1.03241 2,449,575 

12 U.S.C. 1786(k)(2)(C) ..................... Tier 3 (same) (CU) ............................................ Lesser of 2,372,677 or 

1% of total CU assets.

1.03241 Lesser of 2,449,575 or 

1% of total CU assets 

12 U.S.C. 1786(w)(5)(A)(ii) ................ Non-compliance with senior examiner postemployment restrictions.390,271 ....................... 1.03241 402,920 

15 U.S.C. 1639e(k) ............................ Non-compliance with appraisal independence 

standards (first violation).

13,627 ......................... 1.03241 14,069 

15 U.S.C. 1639e(k) ............................ Subsequent violations of the same .................. 27,252 ......................... 1.03241 28,135 

42 U.S.C. 4012a(f)(5) ........................ Non-compliance with flood insurance requirements.2,577 ........................... 1.03241 2,661 

21The table uses condensed descriptions of CMP tiers. Refer to the U.S. Code citations for complete descriptions. 


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Federal Register / Vol. 89, No. 7 / Wednesday, January 10, 2024 / Rules and Regulations 1443 

22Public Law 114–74, Sec. 701(b)(1), 129 Stat. 

584, 599 (Nov. 2, 2015). 

23See 5 U.S.C. 559; Asiana Airlines v. Fed. 

Aviation Admin., 134 F.3d 393, 396–99 (D.C. Cir. 

1998). 

24 5 U.S.C. 553(b)(3)(B); see Mid-Tex. Elec. Co-op., 

Inc. v. Fed. Energy Regulatory Comm’n, 822 F.2d 

1123 (D.C. Cir. 1987). For the same reasons, this 

final rule does not include the usual 60-day 

comment period under NCUA Interpretive Ruling 

and Policy Statement (IRPS) 87–2, as amended by 

IRPS 03–2 and 15–1 (Sept. 24, 2015). 

25 5 U.S.C. 553(b). 

26 5 U.S.C. 603, 604. 

27NCUA IRPS 15–1. 

28 5 U.S.C. 553(b)(3)(B). 

29 12 U.S.C. 1786(k)(2)(G)(i). 

30 44 U.S.C. 3507(d); 5 CFR part 1320. 

31Public Law 105–277, 112 Stat. 2681 (Oct. 21, 

1998). 

32 5 U.S.C. 801–808. 

II. Regulatory Procedures 

A. Final Rule Under the APA 

In the 2015 amendments, Congress 

provided that agencies shall make the 

required inflation adjustments in 2017 

and subsequent years notwithstanding 5 

U.S.C. 553,22 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.23 In addition, the Board 

finds that notice-and-comment 

procedures would be impracticable and 

unnecessary under the APA because of 

the largely ministerial and technical 

nature of the final rule, which affords 

agencies limited discretion in 

promulgating the rule, and the statutory 

deadline for making the adjustments.24

In these circumstances, the Board finds 

good cause to issue a final rule without 

issuing a notice of proposed rulemaking 

or soliciting public comments. The 

Board also finds good cause to make the 

final rule effective upon publication 

because of the statutory deadline. 

Accordingly, this final rule is issued 

without prior notice and comment and 

will become effective immediately upon 

publication. 

B. Regulatory Flexibility Act 

The Regulatory Flexibility Act (RFA) 

generally requires that when an agency 

issues a proposed rule or a final rule 

pursuant to the APA 25 or another law, 

the agency must prepare a regulatory 

flexibility analysis that meets the 

requirements of the RFA and publish 

such analysis in the Federal Register.26

Specifically, the RFA normally requires 

agencies to describe the impact of a 

rulemaking on small entities by 

providing a regulatory impact analysis. 

For purposes of the RFA, the Board 

considers federally insured credit 

unions (FICUs) with assets less than 

$100 million to be small entities.27

As discussed previously, consistent 

with the APA, the Board has determined 

for good cause that general notice and 

opportunity for public comment is 

unnecessary, and therefore the Board is 

not issuing a notice of proposed 

rulemaking.28 Rules that are exempt 

from notice and comment procedures 

are also exempt from the RFA 

requirements, including conducting a 

regulatory flexibility analysis, when 

among other things the agency for good 

cause finds that notice and public 

procedure are impracticable, 

unnecessary, or contrary to the public 

interest. 

Accordingly, the Board has concluded 

that the RFA’s requirements relating to 

initial and final regulatory flexibility 

analysis do not apply. 

Nevertheless, the Board notes that this 

final rule will not have a significant 

economic impact on a substantial 

number of small credit unions because 

it affects only the maximum amounts of 

CMPs that may be assessed in 

individual cases, which are not 

numerous and generally do not involve 

assessments at the maximum level. In 

addition, several of the CMPs are 

limited to a percentage of a credit 

union’s assets. Finally, in assessing 

CMPs, the Board generally must 

consider a party’s financial resources.29

Because this final rule will affect few, if 

any, small credit unions, the Board 

certifies that the final rule will not have 

a significant economic impact on a 

substantial number of small entities. 

C. Paperwork Reduction Act 

The Paperwork Reduction Act of 1995 

(PRA) applies to rulemakings in which 

an agency creates a new paperwork 

burden on regulated entities or modifies 

an existing burden.30 For purposes of 

the PRA, a paperwork burden may take 

the form of either a reporting or a 

recordkeeping requirement, both 

referred to as information collections. 

This final rule adjusts the maximum 

amounts of certain CMPs that the Board 

may assess against individuals, entities, 

or credit unions but does not require 

any reporting or recordkeeping. 

Therefore, this final rule will not create 

new paperwork burdens or modify any 

existing paperwork burdens. 

D. Executive Order 13132 

Executive Order 13132 encourages 

independent regulatory agencies to 

consider the impact of their actions on 

state and local interests. In adherence to 

fundamental federalism principles, the 

NCUA, an independent regulatory 

agency as defined in 44 U.S.C. 3502(5), 

voluntarily complies with the Executive 

order. This final rule adjusts the 

maximum amounts of certain CMPs that 

the Board may assess against 

individuals, entities, and federally 

insured credit unions, including statechartered credit unions. However, the 

final rule does not create any new 

authority or alter the underlying 

statutory authorities that enable the 

Board to assess CMPs. Accordingly, this 

final rule will not have a substantial 

direct effect on the states, on the 

connection between the national 

government and the states, or on the 

distribution of power and 

responsibilities among the various 

levels of government. The Board has 

determined that this final rule does not 

constitute a policy that has federalism 

implications for purposes of the 

Executive order. 

E. Assessment of Federal Regulations 

and Policies on Families 

The Board has determined that this 

final rule will not affect family wellbeing within the meaning of section 654 

of the Treasury and General 

Government Appropriations Act, 

1999.31

F. Congressional Review Act 

For purposes of the Congressional 

Review Act,32 the OMB determines 

whether a final rule constitutes a ‘‘major 

rule.’’ If the OMB deems a rule to be a 

‘‘major rule,’’ the Congressional Review 

Act generally provides that the rule may 

not take effect until at least 60 days 

following its publication. As required by 

the Congressional Review Act, the 

Board submitted the final rule and other 

appropriate reports to the OMB which 

determined that this rule is not a ‘‘major 

rule.’’ The Board will also be submitting 

this rule to Congress and the 

Government Accountability Office for 

review. 

The Congressional Review Act defines 

a ‘‘major rule’’ as any rule that the 

Administrator of the Office of 

Information and Regulatory Affairs of 

the OMB finds has resulted in or is 

likely to result in (A) an annual effect 

on the economy of $100,000,000 or 

more; (B) a major increase in costs or 

prices for consumers, individual 

industries, Federal, State, or local 

government agencies or geographic 

regions, or (C) significant adverse effects 

on competition, employment, 

investment, productivity, innovation, or 

on the ability of United States-based 

enterprises to compete with foreignVerDate Sep<11>2014 15:42 Jan 09, 2024 Jkt 262001 PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 E:\FR\FM\10JAR1.SGM 10JAR1

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1444 Federal Register / Vol. 89, No. 7 / Wednesday, January 10, 2024 / Rules and Regulations 

33 5 U.S.C. 804(2). 34 5 U.S.C. 808. 

based enterprises in domestic and 

export markets.33

For the reasons previously stated, the 

Board is adopting the final rule without 

the delayed effective date generally 

prescribed under the Congressional 

Review Act. The delayed effective date 

required by the Congressional Review 

Act does not apply to any rule for which 

an agency for good cause finds (and 

incorporates the finding and a brief 

statement of reasons therefor in the rule 

issued) that notice and public 

procedures thereon are impracticable, 

unnecessary, or contrary to the public 

interest.34

List of Subjects in 12 CFR Part 747 

Civil monetary penalties, Credit 

unions. 

By the National Credit Union 

Administration Board 

Melane Conyers-Ausbrooks, 

Secretary of the Board. 

For the reasons stated in the 

preamble, the Board amends 12 CFR 

part 747 as follows: 

PART 747—ADMINISTRATIVE 

ACTIONS, ADJUDICATIVE HEARINGS, 

RULES OF PRACTICE AND 

PROCEDURE, AND INVESTIGATIONS 

■ 1. The authority for part 747 

continues to read as follows: 

Authority: 12 U.S.C. 1766, 1782, 1784, 

1785, 1786, 1787, 1790a, 1790d; 15 U.S.C. 

1639e; 42 U.S.C. 4012a; Pub. L. 101–410; 

Pub. L. 104–134; Pub. L. 109–351; Pub. L. 

114–74. 

■ 2. Revise § 747.1001 to read as 

follows: 

§ 747.1001 Adjustment of civil monetary 

penalties by the rate of inflation. 

(a) The NCUA is required by the 

Federal Civil Penalties Inflation 

Adjustment Act of 1990 (Pub. L. 101– 

410, 104 Stat. 890, as amended (28 

U.S.C. 2461 note)), to adjust the 

maximum amount of each civil 

monetary penalty (CMP) within its 

jurisdiction by the rate of inflation. The 

following chart displays those adjusted 

amounts, as calculated pursuant to the 

statute: 

U.S. Code citation CMP description New maximum amount 

(1) 12 U.S.C. 1782(a)(3) ................. Inadvertent failure to submit a report or the inadvertent submission of a false or misleading report.$4,899. 

(2) 12 U.S.C. 1782(a)(3) ................. Non-inadvertent failure to submit a report or the 

non-inadvertent submission of a false or misleading report.

$48,992. 

(3) 12 U.S.C. 1782(a)(3) ................. Failure to submit a report or the submission of a 

false or misleading report done knowingly or with 

reckless disregard.

$2,449,575 or 1% of the total assets of the credit 

union, whichever is less. 

(4) 12 U.S.C. 1782(d)(2)(A) ............ 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.

$4,480. 

(5) 12 U.S.C. 1782(d)(2)(B) ............ Tier 2 CMP for non-inadvertent failure to submit certified statement or submission of false or misleading statement.$44,783. 

(6) 12 U.S.C. 1782(d)(2)(C) ............ 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.

$2,239,210 or 1% of the total assets of the credit 

union, whichever is less. 

(7) 12 U.S.C. 1785(a)(3) ................. Non-compliance with insurance logo requirements .. $153. 

(8) 12 U.S.C. 1785(e)(3) ................. Non-compliance with NCUA security requirements .. $356. 

(9) 12 U.S.C. 1786(k)(2)(A) ............ Tier 1 CMP for violations of law, regulation, and 

other orders or agreements.

$12,249. 

(10) 12 U.S.C. 1786(k)(2)(B) .......... 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.

$61,238. 

(11) 12 U.S.C. 1786(k)(2)(C) .......... Tier 3 CMP for knowingly committing the violations 

under Tier 1 or 2 (natural person).

$2,449,575. 

(12) 12 U.S.C. 1786(k)(2)(C) .......... Tier 3 CMP for knowingly committing the violations 

under Tier 1 or 2 (insured credit union).

$2,449,575 or 1% of the total assets of the credit 

union, whichever is less. 

(13) 12 U.S.C. 1786(w)(5)(A)(ii) ...... Non-compliance with senior examiner post-employment restrictions.$402,920. 

(14) 15 U.S.C. 1639e(k) .................. Non-compliance with appraisal independence requirements.First violation: $14,069. 

Subsequent violations: $28,135. 

(15) 42 U.S.C. 4012a(f)(5) .............. Non-compliance with flood insurance requirements $2,661. 

(b) The adjusted amounts displayed in 

paragraph (a) of this section apply to 

civil monetary penalties that are 

assessed after the date the increase takes 

effect, including those whose associated 

violation or violations pre-dated the 

increase and occurred on or after 

November 2, 2015. 

[FR Doc. 2024–00316 Filed 1–9–24; 8:45 am] 

BILLING CODE 7535–01–P 


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