CFPB publishes annual CMP inflation adjustments

The CFPB has published a final rule making inflation adjustments to civil money penalty limits within its jurisdiction at 90 CFR 1355 in this morning's Federal Register. The rule, which will become effective January 15, 2025, amends the CFPB's regulation at 12 C.F.R. part 1083.

The multiplier for the 2025 annual adjustment is 1.02598, as determined by the Office of Management and Budget. For example, the maximum Consumer Financial Protection Act Tier 3 penalty for knowingly violating a federal consumer financial law will increase to $1,443,275 for each day the violation continues.