WASHINGTON–Inflation may be cooling, but it continues to be felt and can be seen in the new civil money penalty (CMP) amounts announced by the CFPB.
The new penalty amounts take effect Jan. 15.
According to the Bureau, it calculated the new amounts by multiplying the former amounts by the “cost-of-living adjustment” multiplier of 1.03241 (rounded to the nearest dollar).
The CFPB said there are at least 11 levels of penalties allowed under the law that CFPB can assess, ranging from violations of the Real Estate Settlement Procedures Act (RESPA), at $115 per violation (up from $111), to the annual cap on penalties assessed for violations of the Interstate Land Sales Full Disclosure Act of $2.449 million (up from $2.372 million).
More information is available here: Civil Penalty Inflation Adjustments
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