The Bureau of Consumer Financial Protection issued a final rule to adjust civil penalties for inflation, as mandated by several federal acts. These adjustments are meant to maintain the effectiveness of penalties in promoting compliance with the law. The changes are technical and non-discretionary, following a statutory method, and they apply to penalties assessed from January 15, 2021, for violations occurring on or after November 2, 2015. The rule does not require a public comment process due to its technical nature.
Simple Explanation
The government is changing how much people have to pay when they break certain rules to make sure the amounts stay fair over time. They're doing this because prices and money change over the years, just like how candy costs more now than it did a long time ago.