Floyd died in Minneapolis last week in police study, and the incident has sparked protests across the globe championed by the Black Lives Matter movement.
Some Bundesliga players joined the protests with their goal celebrations over the weekend, with Jadon Sancho displaying a ‘Justice For George Floyd’ shirt underneath his jersey when he scored the first of his three goals in Borussia Dortmund’s 6-1 win at Paderborn. Achraf Hakimi did likewise when he found the back of the net.
Marcus Thuram, son of France great Lilian, bent a knee when he scored for Borussia Monchengladbach while Schalke’s Weston McKennie wore an armband in memory of Floyd.
FIFA rules are against players displaying political statements but president Gianni Infantino in this instance has supported their actions.
The DFB have also decided not to punish players for anti-racism protests and messages in support for Floyd.
Anton Nachreiner, chairman of the DFB's control body, said: "It goes without saying that the DFB's control body always has FIFA and DFB regulations in mind.
"In this specific case, however, these are deliberate actions of anti-racism by the players, who are thus campaigning for the very values which the DFB seeks to uphold.
"So no action will be taken now, nor in the case of further anti-racism demonstrations over coming weeks."
DFB president Fritz Keller added: "I welcome the far-sighted decision from the DFB's control body and am very pleased with it.
"The DFB is opposed to all forms of racism, discrimination and violence, and stands for tolerance, openness and diversity - all values that are also deeply engrained with the DFB statutes.
"That's why the players' actions have our respect and understanding."