On January 11, 2024, the Bureau of Consumer Financial Protection (CFPB) announced its inflation adjustments for the maximum amount of the civil penalties within its jurisdiction. These inflation adjustments are mandated by federal law and require federal agencies to adjust civil penalties within each agency’s particular jurisdiction. Civil penalties are increased by a cost-of-living adjustment based on any annual percentage increase in the Consumer Price Index for all Urban Consumers (CPI-U).
Full Memorandum
