CRCM Exam - Question 45

Under the Consumer Leasing Act Enforcement-15 USC 1667d section FIRREA, penalties can include up to $37,500 per day if violations or unsafe or unsound practices are engaged in recklessly or are part of a pattern of misconduct that causes more than a minimal loss to the bank or any pecuniary gain to the parties involved. Additionally, penalties can reach up to $1,375,000 per day against individuals who knowingly commit a violation and knowingly or recklessly cause a substantial loss to the bank or a substantial benefit to the party. These amounts reflect the serious nature of the offenses and the potential impact on financial institutions and individuals involved.