Type:Rule
Citation:90 FR 1355
Reading Time:about 8 minutes
The Consumer Financial Protection Bureau (CFPB) has issued a final rule to adjust civil penalty amounts for inflation, fulfilling the requirements under the Federal Civil Penalties Inflation Adjustment Act. These adjustments ensure that penalties continue to serve as a deterrent and encourage compliance with the law. The new penalty amounts will take effect on January 15, 2025, and apply to violations occurring after November 2, 2015. This rulemaking process does not require public notice or comment due to its technical nature and statutory obligations.
Simple Explanation
The CFPB is changing fines to keep up with rising prices so that people follow the rules, starting January 15, 2025, for mistakes made after November 2, 2015.