On January 10, 2018 the Board of Governors of the Federal Reserve System (Board) published a notice that sets the annual adjustments to the maximum amount of each civil penalty applicable to financial institutions within the Board’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 Board’s Civil Monetary Penalty Amount Table is […]
Category: Civil Monetary Penalties
CFPB CIVIL PENALTY INFLATION ADJUSTMENTS
On January 12, 2018 the Consumer Financial Protection Bureau (CFPB) published a final rule that sets the annual adjustments to the maximum amount of each civil penalty within the CFPB’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 CFPB Civil Monetary Penalty Amount Table is available at: https://mycomplianceresource.com/cfpb-civil-monetary-penalty-amounts/ A copy of the […]
OCC CIVIL PENALTY INFLATION ADJUSTMENTS
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 […]
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 […]
HMDA – HUGE ERRORS, HUGE PENALTIES
Recently the Consumer Financial Protection Bureau (CFPB) ordered Nationstar Mortgage LLC, of Coppell, Texas, to pay a $1.75 million civil penalty for violating the Home Mortgage Disclosure Act (HMDA) by consistently failing to report accurate data about mortgage transactions for 2012 through 2014, and to take the necessary steps to improve its compliance management and prevent future violations. This is the largest HMDA penalty ever imposed by the CFPB. According to 2014 data, Nationstar was […]