The Federal Housing Finance Agency (FHFA) has issued a final rule to adjust civil money penalties for inflation, as required by the Federal Civil Penalties Inflation Adjustment Act. This rule is applied to various penalties under FHFA’s purview, including those related to flood insurance and program fraud. The adjustments are calculated based on changes in the Consumer Price Index for All Urban Consumers (CPI-U). The adjustments are mandated by law, and the FHFA has determined it does not need to seek public comments on this rule.
Simple Explanation
The Federal Housing Finance Agency made a new rule to adjust money penalties (fines) that they oversee, to keep up with how prices change over time, like keeping a balloon filled with air as it stretches. These changes happen because the law says they must, and they didn't ask people for their opinions this time.