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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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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