CFPB CMPs Inflation Adjustments

The CFPB is adjusting for inflation the maximum amount of each civil penalty within the Bureau’s jurisdiction.   The adjusted penalty amounts are effective January 15, 2017. Law Penalty description Current penalty amounts New penalty amount Consumer Financial Protection Act, 12 U.S.C. 5565(c)(2)(A) Tier 1 penalty $5,437 $5,526 Consumer Financial Protection Act, 12 U.S.C. 5565(c)(2)(B) Tier 2 penalty 27,186 27,631 Consumer Financial Protection … Read More

NCUA CMPs Adjustment

The NCUA published an Interim Final Rule adjusting the maximum amount of each civil money penalty within its jurisdiction.  The Rule is effective upon publication (1/23/17), with a comment period ending on February 22, 2017. Citation Description/tier  Current maximum ($) Adjusted maximum ($)  12 U.S.C. 1782(a)(3) Inadvertent failure to submit a report or the inadvertent submission of a false or … Read More