I have been looking at some older files lately and am concerned about some of the blatant errors. Is there any statue of limitations as to how far back an examiner could look? And, if an examiner can go back as far as they want, could we still be assessed penalties 7 or 8 years after the fact?

Also, would the penalties be assessed according to today's amounts? Or amounts from that time period?

DING DING DING. We interrupt this question to point out that it the 500,000th post.

And on to the question, typically the examiner can only go back as far as the last exam. Liability under the reg and to the consumer is a separate matter.

OMG! I had no idea! I have been so buried today I didn't realize we were so close. Too bad the post had to be about something as negative as penalties.

So, in other words, if they (examiners) haven't caught it by now, we are in the clear. Whew...

Many of the statutes have a statute of limitations section (for Reg. Z, for example, it is generally 2 years) for civil liability.

Thanks GreatBlue! Plus, I just realized that I misspelled statute...shame on me!