OCC Revises Civil Money Penalty Manual — 2022-11-29

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced revisions to its civil money penalty (CMP) manual which the agency will begin using on January 1, 2023. The OCC revised the CMP matrix applicable to its regulated institutions to allow for sufficient differentiation among varying levels of misconduct or by institution size, and updated the mitigating factors to provide a stronger incentive for banks to fully address underlying deficiencies. “The revised CMP matrix for OCC institutions will strengthen the effectiveness and fairness of our enforcement actions,” Acting Comptroller Michael J. Hsu said. “It will help ensure that the civil money penalty is tailored to the facts and circumstances of each violation, and the updated mitigating factors will help ensure that the underlying problems are resolved in a timely manner.” The CMP matrix is a tool to guide the OCC’s decision making in assessing CMPs.