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Will CMPs rise 300%?

Question: 
What will our industry expect as to civil money penalties in the next year.
Answer: 

Under Director Cordray during the Obama administration annul civil money penalties were $1.84 billion. Under the Trump administration ending under Director Kraninger they were $650 million. We anticipate these numbers to go up. It is speculative to say they will reach or exceed prior administrations numbers, but consumer protection will be the Bureau’s key objective in a post-pandemic environment. Evictions and foreclosures will be a very big issue.

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First published on 05/30/2021

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