Federal Agencies Adjust Civil Penalties Due to Inflation

On January 11, 2022, the Consumer Financial Protection Bureau ("CFPB"), Commodity Futures Trading Commission ("CFTC"), Federal Deposit Insurance Corporation ("FDIC"), Federal Housing Finance Agency ("FHFA"), and Office of the Comptroller of the Currency ("OCC") released notice of final rulemaking making inflation adjustments to the maximum civil money penalties, effective January 15, 2022. 

The adjustments are being imposed due to the Inflation Adjustment Act to “maintain the deterrent effect of civil penalties and to promote compliance with the law.”

The following chart outlines the new penalty amounts, which are already effective: