Financial Services Blog

CFPB Adjusts Maximum Amounts for CMPs

On January 12th, the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting for inflation the maximum amount of various civil money penalties (CMPs) it can issue. The adjustments are required by law. The adjustments affect regulatory areas such as the Real Estate Settlement Procedures Act, Regulation Z, and the SAFE Act. The final rule is effective January 15th.

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CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.

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