The CFPB has published a final rule to adjust for inflation the civil penalties within its jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 which, pursuant to a 2015 amendment, required federal agencies to adjust the civil penalties within their jurisdiction by July 1, 2016 and by January 15 every year thereafter. … Continue Reading
OIG issues report on CFPB civil penalty fund victim identification process
The Office of Inspector General for the Fed and CFPB has issued a report on the results of its audit of the CFPB’s process for identifying victims eligible to receive compensation from the Consumer Financial Civil Penalty Fund (CPF).
Section 1017 of the Dodd-Frank Act requires the CFPB to deposit in the CPF the civil penalties it collects in enforcement actions. … Continue Reading
GAO issues report on CFPB civil penalty fund
The Government Accountability Office (GAO) has issued a report on the results of its review of the CFPB’s Civil Penalty Fund (CPF). The review was requested by Representative Shelley Moore Capito, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit.
Section 1017 of the Dodd-Frank Act established in the Federal Reserve a separate “Consumer Financial Protection Bureau Civil Penalty Fund.” … Continue Reading
CFPB issues civil penalty fund final rule and proposes revisions
Last Friday, the CFPB simultaneously issued a final rule to govern the administration of the Bureau’s Civil Penalty Fund (CPF) and proposed revisions to that rule. The final rule is effective immediately upon publication in the Federal Register, with the CFPB taking the position that the rule was exempt from the notice-and-comment requirements of the Administrative Procedure Act because it is “interpretative and procedural and relates to benefits.” … Continue Reading