The Consumer Financial Protection Bureau has announced its annual inflation-related increase in the maximum it can fine an organization when assessing civil money penalties.
The announcement was published in the Federal Register earlier this week.
The cost-of-living adjustment allows the CFPB to raise its fines annually. For 2018, the maximum amount that the CFPB can fine an organization will increase by 1.02%.
For a Tier 1 fine under the Consumer Financial Protection Act, the maximum fine has been raised to $5,639 from $5,526. For a Tier 2 violation, the maximum fine has been raised to $28,195 from $27,631. And for a Tier 3 violation, the maximum fine has been raised to $1,127,799 from $1,105,241.
The new penalties went into effect as of Jan. 15, 2018.
Here is a breakdown of all the increases across the CFPB’s purview: