FCSICFinal Rule
Civil Monetary Penalty Inflation Adjustment
Finance & Banking
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Summary
The Federal Credit Union Insurance Corporation (FCIC) is adjusting the dollar amounts of fines it can impose on credit unions to account for inflation. This annual update ensures that penalties keep pace with the rising cost of living, so fines remain meaningful deterrents for violations.
Key Points
- 1The FCIC increased the maximum dollar amounts it can fine credit unions for breaking federal rules
- 2This is an automatic inflation adjustment required by law each year to keep penalties effective
- 3The higher fines apply to violations like fraud, unsafe lending practices, and regulatory non-compliance
- 4Credit unions and their members should be aware that enforcement actions now carry larger financial consequences
- 5The adjustment helps protect the safety and soundness of the credit union system by making violations more costly
Key Dates
Published
January 14, 2025
This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.
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