[Federal Register Volume 86, Number 4 (Thursday, January 7, 2021)]
[Rules and Regulations]
[Pages 933-936]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-29181]



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 Rules and Regulations
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  Federal Register / Vol. 86, No. 4 / Thursday, January 7, 2021 / Rules 
and Regulations  

[[Page 933]]



NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Part 747

RIN 3133-AF34


Civil Monetary Penalty Inflation Adjustment

AGENCY: National Credit Union Administration (NCUA).

ACTION: Final rule.

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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 7, 2021.

FOR FURTHER INFORMATION CONTACT: Gira Bose, Staff Attorney, at 1775 
Duke Street, Alexandria, VA 22314, or telephone: (703) 518-6562.

SUPPLEMENTARY INFORMATION:
I. Legal Background
II. Calculation of Adjustments
III. 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\
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    \1\ Public Law 104-134, Sec. 31001(s), 110 Stat. 1321-373 (Apr. 
26, 1996). The law is codified at 28 U.S.C. 2461 note.
    \2\ Public Law 101-410, 104 Stat. 890 (Oct. 5, 1990), codified 
at 28 U.S.C. 2461 note.
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    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\
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    \3\ Public Law 114-74, 129 Stat. 584 (Nov. 2, 2015).
    \4\ 129 Stat. 599.
    \5\ Public 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).
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    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 2018, 2019, 
and 2020, the NCUA issued a final rule in each year to satisfy the 
agency's annual requirements.\10\ This final rule satisfies the 
agency's requirement for the 2021 annual adjustment.
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    \7\ Public 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 2055 (Feb. 6, 2019); 85 
FR 2009 (Jan. 14, 2020).
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    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 2021, an agency must compare the 
October 2019 and October 2020 CPI-U figures.
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    \11\ Public Law 114-74, Sec. 701(b)(1), 129 Stat. 584, 599 (Nov. 
2, 2015).
    \12\ This index is published by the Department of Labor, Bureau 
of Labor Statistics, and is available at its website: http://www.bls.gov/cpi/.
    \13\ Public Law 114-74, Sec. 701(b)(2)(B), 129 Stat. 584, 600 
(Nov. 2, 2015).
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    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 the NCUA's CMPs pursuant to the 2015 
amendments.
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    \14\ Public Law 114-74, Sec. 701(b)(1), 129 Stat. 584, 600 (Nov. 
2, 2015).
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B. Application to the 2021 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 2021 adjustments.
    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 2021 annual 
adjustment, did so on December 23, 2020.\16\ For 2021, Federal agencies 
must adjust the maximum amounts of their CMPs by the percentage by 
which the October 2020 CPI-U (260.388) exceeds the October 2019 CPI-U 
(257.346). The resulting increase can be expressed as an inflation

[[Page 934]]

multiplier (1.01182) 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\
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    \15\ Public Law 114-74, Sec. 701(b)(4), 129 Stat. 584, 601 (Nov. 
2, 2015).
    \16\ See OMB Memorandum M-21-10, Implementation of Penalty 
Inflation Adjustments for 2021, pursuant to the Federal Civil 
Penalties Inflation Adjustment Act Improvements Act of 2015 
(December 23, 2020).
    \17\ Id.
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    The table below 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 2020. 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\
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    \18\ Public Law 114-74, 129 Stat. 600 (Nov. 2, 2015).

                                  Table--Calculation of Maximum CMP Adjustments
----------------------------------------------------------------------------------------------------------------
                                                                                               Adjusted maximum
                                                                                                ($)  (current
             Citation                Description and    Current maximum ($)    Multiplier         maximum x
                                        tier \19\                                            Multiplier, rounded
                                                                                              to nearest dollar)
----------------------------------------------------------------------------------------------------------------
12 U.S.C. 1782(a)(3).............  Inadvertent failure  4,098..............         1.01182  4,146.
                                    to submit a report
                                    or the inadvertent
                                    submission of a
                                    false or
                                    misleading report.
12 U.S.C. 1782(a)(3).............  Non-inadvertent      40,979.............         1.01182  41,463.
                                    failure to submit
                                    a report or the
                                    non-inadvertent
                                    submission of a
                                    false or
                                    misleading report.
12 U.S.C. 1782(a)(3).............  Failure to submit a  Lesser of 2,048,915         1.01182  Lesser of 2,073,133
                                    report or the        or 1% of total CU                    or 1% of total CU
                                    submission of a      assets.                              assets.
                                    false or
                                    misleading report
                                    done knowingly or
                                    with reckless
                                    disregard.
12 U.S.C. 1782(d)(2)(A)..........  Tier 1 CMP for       3,747..............         1.01182  3,791.
                                    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.
12 U.S.C. 1782(d)(2)(B)..........  Tier 2 CMP for non-  37,458.............         1.01182  37,901.
                                    inadvertent
                                    failure to submit
                                    certified
                                    statement or
                                    submission of
                                    false or
                                    misleading
                                    statement.
12 U.S.C. 1782(d)(2)(C)..........  Tier 3 CMP for       Lesser of 1,872,957         1.01182  Lesser of 1,895,095
                                    failure to submit    or 1% of total CU                    or 1% of total CU
                                    a certified          assets.                              assets.
                                    statement or the
                                    submission of a
                                    false or
                                    misleading
                                    statement done
                                    knowingly or with
                                    reckless disregard.
12 U.S.C. 1785(a)(3).............  Non-compliance with  127................         1.01182  129.
                                    insurance logo
                                    requirements.
12 U.S.C. 1785(e)(3).............  Non-compliance with  297................         1.01182  301.
                                    NCUA security
                                    requirements.
12 U.S.C. 1786(k)(2)(A)..........  Tier 1 CMP for       10,245.............         1.01182  10,366.
                                    violations of law,
                                    regulation, and
                                    other orders or
                                    agreements.
12 U.S.C. 1786(k)(2)(B)..........  Tier 2 CMP for       51,222.............         1.01182  51,827.
                                    violations of law,
                                    regulation, and
                                    other orders or
                                    agreements and for
                                    recklessly
                                    engaging in unsafe
                                    or unsound
                                    practices or
                                    breaches of
                                    fiduciary duty.
12 U.S.C. 1786(k)(2)(C)..........  Tier 3 CMP for       2,048,915..........         1.01182  2,073,133.
                                    knowingly
                                    committing the
                                    violations under
                                    Tier 1 or 2
                                    (natural person).
12 U.S.C. 1786(k)(2)(C)..........  Tier 3 (same) (CU).  Lesser of 2,048,915         1.01182  Lesser of 2,073,133
                                                         or 1% of total CU                    or 1% of total CU
                                                         assets.                              assets.
12 U.S.C. 1786(w)(5)(A)(ii)......  Non-compliance with  337,016............         1.01182  341,000.
                                    senior examiner
                                    post-employment
                                    restrictions.
15 U.S.C. 1639e(k)...............  Non-compliance with  11,767.............         1.01182  11,906.
                                    appraisal
                                    independence
                                    standards (first
                                    violation).
15 U.S.C. 1639e(k)...............  Subsequent           23,533.............         1.01182  23,811.
                                    violations of the
                                    same.
42 U.S.C. 4012a(f)(5)............  Non-compliance with  2,226..............         1.01182  2,252.
                                    flood insurance
                                    requirements.
----------------------------------------------------------------------------------------------------------------

III. Regulatory Procedures
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    \19\ The table uses condensed descriptions of CMP tiers. Refer 
to the U.S. Code citations for complete descriptions.
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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,\20\ 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.\21\ In addition, as an

[[Page 935]]

independent basis, 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 rule, which affords 
agencies limited discretion in promulgating the rule, and the statutory 
deadline for making the adjustments.\22\ 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.
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    \20\ Public Law 114-74, Sec. 701(b)(1), 129 Stat. 584, 599 (Nov. 
2, 2015).
    \21\ See 5 U.S.C. 559; Asiana Airlines v. Fed. Aviation Admin., 
134 F.3d 393, 396-99 (D.C. Cir. 1998).
    \22\ 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).
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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 
\23\ 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.\24\ 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 FICUs with assets less than $100 million to be 
small entities.\25\
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    \23\ 5 U.S.C. 553(b).
    \24\ 5 U.S.C. 603, 604.
    \25\ NCUA Interpretive Ruling and Policy Statement 15-1. 80 FR 
57512 (Sept. 24, 2015).
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    As discussed previously, consistent with the APA,\26\ 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. 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.
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    \26\ 5 U.S.C. 553(b)(3)(B).
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    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.\27\ 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.
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    \27\ 12 U.S.C. 1786(k)(2)(G)(i).
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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.\28\ 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.
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    \28\ 44 U.S.C. 3507(d); 5 CFR part 1320.
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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 
state-chartered 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 well-being within the meaning of Section 654 of the Treasury and 
General Government Appropriations Act, 1999.\29\
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    \29\ Public Law 105-277, 112 Stat. 2681 (Oct. 21, 1998).
---------------------------------------------------------------------------

F. Congressional Review Act

    For purposes of the Congressional Review Act,\30\ the OMB makes a 
determination as to whether a final rule constitutes a ``major'' rule. 
If 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.
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    \30\ 5 U.S.C. 801-808.
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    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 foreign-based enterprises in domestic and 
export markets.\31\
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    \31\ 5 U.S.C. 804(2).
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    For the same reasons set forth above, 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 procedure thereon are impracticable, unnecessary, or contrary to 
the public interest.\32\
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    \32\ 5 U.S.C. 808.
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    The Board believes this final rule is not a major rule. As required 
by the Congressional Review Act, the Board will submit the final rule 
and other appropriate reports to OMB, Congress, and the Government 
Accountability Office for review.

[[Page 936]]

List of Subjects in 12 CFR Part 747

    Civil monetary penalties, Credit unions.

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

0
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.


0
2. Revise Sec.  747.1001 to read as follows:


Sec.  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:

------------------------------------------------------------------------
                                                           New maximum
      U.S. Code citation            CMP description          amount
------------------------------------------------------------------------
(1) 12 U.S.C. 1782(a)(3)......  Inadvertent failure to  $4,146.
                                 submit a report or
                                 the inadvertent
                                 submission of a false
                                 or misleading report.
(2) 12 U.S.C. 1782(a)(3)......  Non-inadvertent         $41,463.
                                 failure to submit a
                                 report or the non-
                                 inadvertent
                                 submission of a false
                                 or misleading report.
(3) 12 U.S.C. 1782(a)(3)......  Failure to submit a     $2,073,133 or 1
                                 report or the           percent of the
                                 submission of a false   total assets of
                                 or misleading report    the credit
                                 done knowingly or       union,
                                 with reckless           whichever is
                                 disregard.              less.
(4) 12 U.S.C. 1782(d)(2)(A)...  Tier 1 CMP for          $3,791.
                                 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.
(5) 12 U.S.C. 1782(d)(2)(B)...  Tier 2 CMP for non-     $37,901.
                                 inadvertent failure
                                 to submit certified
                                 statement or
                                 submission of false
                                 or misleading
                                 statement.
(6) 12 U.S.C. 1782(d)(2)(C)...  Tier 3 CMP for failure  $1,895,095 or 1
                                 to submit a certified   percent of the
                                 statement or the        total assets of
                                 submission of a false   the credit
                                 or misleading           union,
                                 statement done          whichever is
                                 knowingly or with       less.
                                 reckless disregard.
(7) 12 U.S.C. 1785(a)(3)......  Non-compliance with     $129.
                                 insurance logo
                                 requirements.
(8) 12 U.S.C. 1785(e)(3)......  Non-compliance with     $301.
                                 NCUA security
                                 requirements.
(9) 12 U.S.C. 1786(k)(2)(A)...  Tier 1 CMP for          $10,366.
                                 violations of law,
                                 regulation, and other
                                 orders or agreements.
(10) 12 U.S.C. 1786(k)(2)(B)..  Tier 2 CMP for          $51,827.
                                 violations of law,
                                 regulation, and other
                                 orders or agreements
                                 and for recklessly
                                 engaging in unsafe or
                                 unsound practices or
                                 breaches of fiduciary
                                 duty.
(11) 12 U.S.C. 1786(k)(2)(C)..  Tier 3 CMP for          $2,073,133.
                                 knowingly committing
                                 the violations under
                                 Tier 1 or 2 (natural
                                 person).
(12) 12 U.S.C. 1786(k)(2)(C)..  Tier 3 CMP for          $2,073,133 or 1
                                 knowingly committing    percent of the
                                 the violations under    total assets of
                                 Tier 1 or 2 (insured    the credit
                                 credit union).          union,
                                                         whichever is
                                                         less.
(13) 12 U.S.C.                  Non-compliance with     $341,000.
 1786(w)(5)(A)(ii).              senior examiner post-
                                 employment
                                 restrictions.
(14) 15 U.S.C. 1639e(k).......  Non-compliance with     First violation:
                                 appraisal               $11,906.
                                 independence            Subsequent
                                 requirements.           violations:
                                                         $23,811.
(15) 42 U.S.C. 4012a(f)(5)....  Non-compliance with     $2,252.
                                 flood insurance
                                 requirements.
------------------------------------------------------------------------

    (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. 2020-29181 Filed 1-6-21; 8:45 am]
BILLING CODE 7535-01-P