Archive

AGENCIES ISSUE CMP INFLATION ADJUSTMENTS

The Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Federal Reserve Board, National Credit Union Association, and Office of the Comptroller of the Currency recently published their annual adjustments to the maximum amount of each civil penalty applicable to institutions under their 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. Each agency’s updated […]

REMITTANCE TRANSFER RULE CONSENT ORDER

On August 27, 2019 the Consumer Financial Protection Bureau (CFPB) announced a settlement with Maxitransfers Corporation (Maxi), a company that serves consumers looking to send money overseas. This is the CFPB’s first enforcement action based on violations of the Remittance Transfer Rule, which implements the Electronic Fund Transfer Act (EFTA). Maxi provides remittance transfer services from more than 1,600 third-party locations in the U.S., such as grocery stores and pharmacies, to over 19,500 payment locations […]

OCC FINES CITIBANK FOR FAIR HOUSING ACT VIOLATION

On March 19th, The Office of the Comptroller of the Currency (OCC) levied a $25 million civil money penalty against Citibank for violating the Fair Housing Act.  The violation stems from inconsistent issuing of lender credits through their Relationship Loan Pricing (RLP) program.  The OCC found that there were control weaknesses related to the program that resulted in eligible mortgage loan customers not receiving an interest rate reduction or a credit to their closing costs.  […]

NCUA CIVIL PENALTY INFLATION ADJUSTMENTS

On January 15, 2018 the National Credit Union Administration (NCUA) published a notice that sets the annual adjustments to the maximum amount of each civil penalty applicable to Credit Unions within the NCUA’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 NCUA Civil Monetary Penalty Amount Table is available at: https://www.jackscomplianceresource.com/ncua-civil-penalty-inflation-adjustments/ A […]

BOARD CIVIL PENALTY INFLATION ADJUSTMENTS

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 […]