This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents.

Rules and Regulations Federal Register

1657 

Vol. 87, No. 8 

Wednesday, January 12, 2022 

1Public Law 101–410, Oct. 5, 1990, 104 Stat. 890, 

codified at 28 U.S.C. 2461 note. 2Public Law 114–74, Title VII, section 701(b), 

Nov. 2, 2015, 129 Stat. 599, codified at 28 U.S.C. 

2461 note. 

3See OMB Memorandum M–18–03, 

Implementation of the 2018 Annual Adjustment 

Pursuant to the Federal Civil Penalties Inflation 

Adjustment Act Improvements Act of 2015, at 4, 

which permits agencies that have codified the 

formula to adjust CMPs for inflation to update the 

penalties through a notice rather than a regulation. 4 83 FR 1517 (Jan. 12, 2018) (final rule); 83 FR 

1657 (Jan. 12, 2018) (2018 CMP Notice). 

5The inflation adjustment multiplier for 2022 is 

1.06222. See OMB Memorandum M–22–07, 

Implementation of Penalty Inflation Adjustments 

for 2022, Pursuant to the Federal Civil Penalties 

Inflation Adjustment Act Improvements Act of 2015 

(Dec. 15, 2021). 

6See 85 FR 86795 (Dec. 31, 2020). 

7Penalties assessed for violations occurring prior 

to November 2, 2015, will be subject to the 

maximum amounts set forth in the OCC’s 

regulations in effect prior to the enactment of the 

2015 Adjustment Act. 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

12 CFR Parts 19 and 109 

Notification of Inflation Adjustments 

for Civil Money Penalties 

AGENCY: Office of the Comptroller of the 

Currency, Treasury. 

ACTION: Notification of monetary 

penalties 2022. 

SUMMARY: This document announces 

changes to the Office of the Comptroller 

of the Currency’s (OCC) maximum civil 

money penalties as adjusted for 

inflation. The inflation adjustments are 

required to implement the Federal Civil 

Penalties Inflation Adjustment Act of 

1990, as amended by the Federal Civil 

Penalties Inflation Adjustment Act 

Improvements Act of 2015. 

DATES: The adjusted maximum amount 

of civil money penalties in this 

document are applicable to penalties 

assessed on or after January 12, 2022 for 

conduct occurring on or after November 

2, 2015. 

FOR FURTHER INFORMATION CONTACT: Lee 

Walzer, Counsel, Chief Counsel’s Office, 

(202) 649–5490, Office of the 

Comptroller of the Currency. 

SUPPLEMENTARY INFORMATION: This 

document announces changes to the 

maximum amount of each civil money 

penalty (CMP) within the OCC’s 

jurisdiction to administer to account for 

inflation pursuant to the Federal Civil 

Penalties Inflation Adjustment Act of 

1990 (the 1990 Adjustment Act),1 as 

amended by the Federal Civil Penalties 

Inflation Adjustment Act Improvements 

Act of 2015 (the 2015 Adjustment Act).2

Under the 1990 Adjustment Act, as 

amended, federal agencies must make 

annual adjustments to the maximum 

amount of each CMP they administer. 

The Office of Management and Budget 

(OMB) is required to issue guidance to 

federal agencies no later than December 

15 of each year providing an inflation 

adjustment multiplier (i.e., the inflation 

adjustment factor agencies must use) 

applicable to CMPs assessed in the 

following year. The agencies are 

required to publish their CMPs, adjusted 

pursuant to the multiplier provided by 

the OMB, by January 15 of the 

applicable year. 

To the extent an agency codified a 

CMP amount in its regulations, the 

agency would need to update that 

amount by regulation. However, if an 

agency codified a formula for making 

the CMP adjustments, then subsequent 

adjustments can be made solely by 

notice.3 In 2018, the OCC published a 

final regulation that removed the CMP 

amounts from its regulations while 

updating the CMP amounts for inflation 

through the notice process.4

On December 15, 2021, the OMB 

issued guidance to affected agencies on 

implementing the required annual 

adjustment, which included the relevant 

inflation multiplier.5 The OCC has 

applied that multiplier to the maximum 

CMPs allowable in 2021 for national 

banks and Federal savings associations 

as listed in the 2021 CMP notice 6 to 

calculate the maximum amount of CMPs 

that may be assessed by the OCC in 

2022.7 There were no new statutory 

CMPs administered by the OCC during 

2021. 

The following charts provide the 

inflation-adjusted CMPs for use 

beginning on January 12, 2022, pursuant 

to 12 CFR 19.240(b) and 109.103(c)(2) 

for conduct occurring on or after 

November 2, 2015: 

PENALTIES APPLICABLE TO NATIONAL BANKS

U.S. code citation Description and tier 

(if applicable) 

Maximum 

penalty 

amount 

(in dollars) 1

12 U.S.C. 93(b) .............. Violation of Various Provisions of the National Bank Act: 

Tier 1 ................................................................................................................................................ 11,011 

Tier 2 ................................................................................................................................................ 55,052 

Tier 3 ................................................................................................................................................ 2 2,202,123 

12 U.S.C. 164 ................ Violation of Reporting Requirements: 

Tier 1 ................................................................................................................................................ 4,404 

Tier 2 ................................................................................................................................................ 44,043 

Tier 3 ................................................................................................................................................ 2 2,202,123 

12 U.S.C. 481 ................ Refusal of Affiliate to Cooperate in Examination .................................................................................... 11,011 

12 U.S.C. 504 ................ Violation of Various Provisions of the Federal Reserve Act: 

Tier 1 ................................................................................................................................................ 11,011 

Tier 2 ................................................................................................................................................ 55,052 

Tier 3 ................................................................................................................................................ 2 2,202,123 


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1658 Federal Register / Vol. 87, No. 8 / Wednesday, January 12, 2022 / Rules and Regulations 

PENALTIES APPLICABLE TO NATIONAL BANKS—Continued 

U.S. code citation Description and tier 

(if applicable) 

Maximum 

penalty 

amount 

(in dollars) 1

12 U.S.C. 1817(j)(16) ..... Violation of Change in Bank Control Act: 

Tier 1 ................................................................................................................................................ 11,011 

Tier 2 ................................................................................................................................................ 55,052 

Tier 3 ................................................................................................................................................ 2 2,202,123 

12 U.S.C. 1818(i)(2) 3 .... Violation of Law, Unsafe or Unsound Practice, or Breach of Fiduciary Duty: 

Tier 1 ................................................................................................................................................ 11,011 

Tier 2 ................................................................................................................................................ 55,052 

Tier 3 ................................................................................................................................................ 2 2,202,123 

12 U.S.C. 

1820(k)(6)(A)(ii).

Violation of Post-Employment Restrictions: 

Per violation ..................................................................................................................................... 362,217 

12 U.S.C. 1832(c) .......... Violation of Withdrawals by Negotiable or Transferable Instrument for Transfers to Third Parties: 

Per violation ..................................................................................................................................... 3,198 

12 U.S.C. 1884 .............. Violation of the Bank Protection Act ....................................................................................................... 320 

12 U.S.C. 1972(2)(F) ..... Violation of Anti-Tying Provisions regarding Correspondent Accounts, Unsafe or Unsound Practices, 

or Breach of Fiduciary Duty: 

Tier 1 ................................................................................................................................................ 11,011 

Tier 2 ................................................................................................................................................ 55,052 

Tier 3 ................................................................................................................................................ 2 2,202,123 

12 U.S.C. 3110(a) .......... Violation of Various Provisions of the International Banking Act (Federal Branches and Agencies) .... 50,326 

12 U.S.C. 3110(c) .......... Violation of Reporting Requirements of the International Banking Act (Federal Branches and Agencies): 

Tier 1 ................................................................................................................................................ 4,027 

Tier 2 ................................................................................................................................................ 40,259 

Tier 3 ................................................................................................................................................ 2 2,013,008 

12 U.S.C. 3909(d)(1) ..... Violation of International Lending Supervision Act ................................................................................. 2,739 

15 U.S.C. 78u–2(b) ........ Violation of Various Provisions of the Securities Act, the Securities Exchange Act, the Investment 

Company Act, or the Investment Advisers Act: 

Tier 1 (natural person)—Per violation ............................................................................................. 10,360 

Tier 1 (other person)—Per violation ................................................................................................ 103,591 

Tier 2 (natural person)—Per violation ............................................................................................. 103,591 

Tier 2 (other person)—Per violation ................................................................................................ 517,955 

Tier 3 (natural person)—Per violation ............................................................................................. 207,183 

Tier 3 (other person)—Per violation ................................................................................................ 1,035,909 

15 U.S.C. 1639e(k) ........ Violation of Appraisal Independence Requirements: 

First violation .................................................................................................................................... 12,647 

Subsequent violations ...................................................................................................................... 25,293 

42 U.S.C. 4012a(f)(5) .... Flood Insurance: 

Per violation ..................................................................................................................................... 2,392 

1The maximum penalty amount is per day, unless otherwise indicated. 

2The maximum penalty amount for a national bank is the lesser of this amount or 1 percent of total assets. 

3These amounts also apply to CMPs in statutes that cross-reference 12 U.S.C. 1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717 

and 15 U.S.C. 1607, 1693o, 1681s, 1691c, and 1692l. 

PENALTIES APPLICABLE TO FEDERAL SAVINGS ASSOCIATIONS

U.S. code citation CMP description 

Maximum 

penalty 

amount 

(in dollars) 8

12 U.S.C. 1464(v) .......... Reports of Condition: 

1st Tier ............................................................................................................................................. 4,404 

2nd Tier ............................................................................................................................................ 44,043 

3rd Tier ............................................................................................................................................. 2 2,202,123 

12 U.S.C. 1467(d) .......... Refusal of Affiliate to Cooperate in Examination .................................................................................... 11,011 

12 U.S.C. 1467a(r) ......... Late/Inaccurate Reports: 

1st Tier ............................................................................................................................................. 4,404 

2nd Tier ............................................................................................................................................ 44,043 

3rd Tier ............................................................................................................................................. 2 2,202,123 

12 U.S.C. 1817(j)(16) ..... Violation of Change in Bank Control Act: 

1st Tier ............................................................................................................................................. 11,011 

2nd Tier ............................................................................................................................................ 55,052 

3rd Tier ............................................................................................................................................. 2 2,202,123 

12 U.S.C. 1818(i)(2) 3 .... Violation of Law, Unsafe or Unsound Practice, or Breach of Fiduciary Duty: 

1st Tier ............................................................................................................................................. 11,011 

2nd Tier ............................................................................................................................................ 55,052 

3rd Tier ............................................................................................................................................. 2 2,202,123 


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Federal Register / Vol. 87, No. 8 / Wednesday, January 12, 2022 / Rules and Regulations 1659 

1See Safety and Soundness Act, 12 U.S.C. 4513 

and 4631–4641. 

2 Id. 

3See 12 CFR part 1209. 

4See 12 CFR part 1250. 

PENALTIES APPLICABLE TO FEDERAL SAVINGS ASSOCIATIONS—Continued 

U.S. code citation CMP description 

Maximum 

penalty 

amount 

(in dollars) 8

12 U.S.C. 

1820(k)(6)(A)(ii).

Violation of Post-Employment Restrictions: 

Per violation ..................................................................................................................................... 362,217 

12 U.S.C. 1832(c) .......... Violation of Withdrawals by Negotiable or Transferable Instruments for Transfers to Third Parties: 

Per violation ..................................................................................................................................... 2,907 

12 U.S.C. 1884 .............. Violation of the Bank Protection Act ....................................................................................................... 320 

12 U.S.C. 1972(2)(F) ..... Violation of Provisions regarding Correspondent Accounts, Unsafe or Unsound Practices, or Breach 

of Fiduciary Duty: 

Tier 1 ................................................................................................................................................ 11,011 

Tier 2 ................................................................................................................................................ 55,052 

Tier 3 ................................................................................................................................................ 2 2,202,123 

15 U.S.C. 78u–2(b) ........ Violations of Various Provisions of the Securities Act, the Securities Exchange Act, the Investment 

Company Act, or the Investment Advisers Act: 

1st Tier (natural person)—Per violation ........................................................................................... 10,360 

1st Tier (other person)—Per violation ............................................................................................. 103,591 

2nd Tier (natural person)—Per violation ......................................................................................... 103,591 

2nd Tier (other person)—Per violation ............................................................................................ 517,955 

3rd Tier (natural person)—Per violation .......................................................................................... 207,183 

3rd Tier (other person)—Per violation ............................................................................................. 1,035,909 

15 U.S.C. 1639e(k) ........ Violation of Appraisal Independence Requirements: 

First violation .................................................................................................................................... 12,647 

Subsequent violations ...................................................................................................................... 25,293 

42 U.S.C. 4012a(f)(5) .... Flood Insurance: 

Per violation ..................................................................................................................................... 2,392 

8The maximum penalty amount is per day, unless otherwise indicated. 

2The maximum penalty amount for a federal savings association is the lesser of this amount or 1 percent of total assets. 

3These amounts also apply to statutes that cross-reference 12 U.S.C. 1818, such as 12 U.S.C. 2804, 3108, 3349, 4309, and 4717 and 15 

U.S.C. 1607, 1681s, 1691c, and 1692l. 

Benjamin W. McDonough, 

Senior Deputy Comptroller and Chief 

Counsel, Office of the Comptroller of the 

Currency. 

[FR Doc. 2022–00109 Filed 1–11–22; 8:45 am] 

BILLING CODE 4810–33–P 

FEDERAL HOUSING FINANCE 

AGENCY 

12 CFR Parts 1209, 1217, and 1250 

RIN 2590–AA43 

Rules of Practice and Procedure; Civil 

Money Penalty Inflation Adjustment 

AGENCY: Federal Housing Finance 

Agency. 

ACTION: Final rule. 

SUMMARY: The Federal Housing Finance 

Agency (FHFA) is adopting this final 

rule amending its Rules of Practice and 

Procedure and other agency regulations 

to adjust each civil money penalty 

within its jurisdiction to account for 

inflation, pursuant to the Federal Civil 

Penalties Inflation Adjustment Act of 

1990, as amended by the Federal Civil 

Penalties Inflation Adjustment Act 

Improvements Act of 2015. 

DATES: Effective January 12, 2022, and 

applicable beginning January 15, 2022. 

FOR FURTHER INFORMATION CONTACT: 

Frank R. Wright, Assistant General 

Counsel, at (202) 649–3087, 

Frank.Wright@fhfa.gov (not a toll-free 

number); Federal Housing Finance 

Agency, 400 7th Street SW, Washington, 

DC 20219. For TTY/TRS users with 

hearing and speech disabilities, dial 711 

and ask to be connected to any of the 

contact numbers above. 

SUPPLEMENTARY INFORMATION: 

I. Background 

FHFA is an independent agency of the 

Federal government, and the financial 

safety and soundness regulator of the 

Federal National Mortgage Association 

(Fannie Mae) and the Federal Home 

Loan Mortgage Corporation (Freddie 

Mac) (collectively, the Enterprises), as 

well as the Federal Home Loan Banks 

(collectively, the Banks) and the Office 

of Finance under authority granted by 

the Federal Housing Enterprises 

Financial Safety and Soundness Act of 

1992 (Safety and Soundness Act).1

FHFA oversees the Enterprises and 

Banks (collectively, the regulated 

entities) and the Office of Finance to 

ensure that they operate in a safe and 

sound manner and maintain liquidity in 

the housing finance market in 

accordance with applicable laws, rules 

and regulations. To that end, FHFA is 

vested with broad supervisory 

discretion and specific civil 

administrative enforcement powers, 

similar to such authority granted by 

Congress to the Federal bank regulatory 

agencies.2 Section 1376 of the Safety 

and Soundness Act (12 U.S.C. 4636) 

empowers FHFA to impose civil money 

penalties under specific conditions. 

FHFA’s Rules of Practice and Procedure 

(12 CFR part 1209) (the Enforcement 

regulations) govern cease and desist 

proceedings, civil money penalty 

assessment proceedings, and other 

administrative adjudications.3 FHFA’s 

Flood Insurance regulation (12 CFR part 

1250) governs flood insurance 

responsibilities as they pertain to the 

Enterprises.4 FHFA’s Implementation of 

the Program Fraud Civil Remedies Act 

of 1986 regulation (12 CFR part 1217) 

sets forth procedures for imposing civil 

penalties and assessments under the 

Program Fraud Civil Remedies Act (31 

U.S.C. 3801 et seq.) on any person that 

makes a false claim for property, 

services or money from FHFA, or makes 

a false material statement to FHFA in 

connection with a claim, where the 


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