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.