CFPB, Federal Agencies, State Agencies, and Attorneys General
The Office of the Comptroller of the Currency (OCC) has revised its civil money penalty (CMP) manual and will begin using the revised manual on January 1, 2023. The manual establishes general policies and procedures for the OCC’s assessment of CMPs.
The OCC’s general CMP authority is provided by 12 U.S.C.… Continue Reading
The CFPB has published a final rule in the Federal Register 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
In another recent defeat for the CFPB, a California federal district court refused to award restitution sought by the CFPB in its lawsuit filed in May 2015 against two related companies offering a biweekly mortgage payment program and their individual owner. The CFPB’s complaint alleged that the defendants engaged in abusive and deceptive acts or practices in violation of the CFPA UDAAP prohibition by making false representations regarding the costs of the payment program and the savings consumers could achieve through the program. … Continue Reading
The CFPB has published an interim 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, requires federal agencies to adjust the civil penalties within their jurisdiction by July 1, 2016 and then by January 15 every year thereafter.… Continue Reading
