On January 12, 2018 the Office of the Comptroller of the Currency (OCC) published a notice that sets the annual adjustments to the maximum amount of each civil penalty applicable to National Banks and Federal Savings Associations within the OCC’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The OCC (for National Banks)Civil […]
Month: January 2018
FDIC CIVIL PENALTY INFLATION ADJUSTMENTS
On January 12, 2018 the Federal Deposit Insurance Corporation (FDIC) published a notice that sets the annual adjustments to the maximum amount of each civil penalty applicable to financial institutions within the FDIC’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The FDIC Civil Monetary Penalty Amount Table is available at: https://mycomplianceresource.com/fdic-civil-monetary-penalty-amounts/ A […]
CFPB STATEMENT ON PAYDAY RULE
On January 16, 2018 the Consumer Financial Protection Bureau (CFPB) issued the following statement on the Payday Rule: “January 16, 2018 is the effective date of the Bureau of Consumer Financial Protection’s final rule entitled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (“Payday Rule”). The Bureau intends to engage in a rulemaking process so that the Bureau may reconsider the Payday Rule. Although most provisions of the Payday Rule do not require compliance until August […]
CFPB – MOTION FOR PRELIMINARY INJUNCTION DENIED
The case of Leandra English v. Donald J. Trump concerns whether the President is authorized to name an acting Director of the Consumer Financial Protection Bureau (“CFPB”) or whether a CFPB employee appointed by the outgoing Director in the hours before he resigned is in charge. The CFPB was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB’s previous Director, Richard Cordray, resigned effective at midnight on Friday, November 24, 2017. […]