Government Raises Fines Because Even Penalties Need Cost-of-Living Adjustments
Published Date: 1/16/2025
Rule
Summary
Starting January 15, 2025, the Federal Housing Finance Agency is raising its civil money penalties to keep up with inflation. This means banks, mortgage companies, and related financial groups will face higher fines if they break the rules. The update helps keep penalties fair and effective in today’s economy.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
FHFA Raises Maximum Civil Penalties
FHFA raised the maximum civil money penalties it can impose under 12 U.S.C. 4636. The new maximums (applicable to violations occurring on or after January 15, 2025) are: First Tier $14,575; Second Tier $72,876; Third Tier $2,915,057.
Flood-Insurance Penalties for Enterprises Increased
FHFA increased flood-insurance related civil money penalties for Enterprises: the per-violation cap rises to $709 (from $691) and the annual total penalty cap for an Enterprise rises to $204,428 (from $199,251). These amounts apply to violations occurring on or after January 15, 2025.
Higher Penalties for False Claims to FHFA
FHFA increased the maximum civil penalty under the Program Fraud Civil Remedies Act for a false claim or false statement to $14,308 (up from $13,946). This applies to claims or statements made to FHFA and is effective for violations on or after January 15, 2025.
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