CFPB Announces 2022 Increases To Maximum Amount Of Civil Penalties


Source- site

The Consumer Financial Protection Bureau increased the maximum civil penalty it can impose within its jurisdiction after Jan. 15, 2022. The increases are mandated by federal law, which requires agencies to adjust for inflation each civil monetary penalty within an agency’s jurisdiction by Jan. 15, 2022. The adjustments are based on the percentage by which the Consumer Price Index for all-urban consumers for October 2021 exceeded the CPI for October 2020. Due to inflationary pressures, this year’s adjustments are larger than those observed in the past.

The adjusted penalties are as follows: