All articles by Aaron Nicodemus – Page 54
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ArticleJPMorgan Chase fined $250M for ‘unsound’ internal control practices
The OCC fined JPMorgan Chase Bank N.A. $250 million for weaknesses in its internal controls and internal audit for its fiduciary activities.
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ArticleKPMG report: World’s largest companies slow to address climate change risks
The world’s 250 largest companies are not doing very well in recognizing and measuring financial risks related to climate change, so we’ve got some advice to those who are behind the curve.
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ArticleHanna Andersson agrees to pay $400K in CCPA-related breach lawsuit
Children’s clothing retailer Hanna Andersson has agreed to pay $400,000 in what is believed to be the first monetary settlement for a lawsuit related to the California Consumer Privacy Act.
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ArticleBiden will tread carefully on sanctions, seek international consensus, experts say
Experts believe President-elect Joe Biden will likely take his time before making big moves to unwind the dizzying array of sanctions levied by his predecessor, President Donald Trump.
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ArticleOCIE director’s warning: Insufficient CCO support won’t fly
In a year turned upside down by the coronavirus pandemic, one thing hasn’t changed in the eyes of the SEC: The best compliance programs are supported by senior management and have adequate staffing, technology, and training.
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Analysis: With Clayton leaving, SEC likely to target financial institutions
SEC Chairman Jay Clayton will step down from his post at the end of the year, allowing the Biden administration to choose his successor immediately upon taking over the White House.
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ArticleEven with divided Congress, Wall Street should brace for Biden presidency
Should Republicans hold on to their majority in the Senate, President-elect Joe Biden could still find ways to pass sweeping economic legislation during his first term.
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ArticleTicketmaster UK fined $1.6M under GDPR for 2018 data breach
The U.K. Information Commissioner’s Office fined Ticketmaster £1.25 million (U.S. $1.6 million) for its failures relating to a 2018 data breach by a third party.
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ArticleCOSO report: Elevating compliance leads to more informed decision-making
Many compliance departments are not independent, but instead report to other departments. COSO recommends compliance be separated out into its own division, led by a chief compliance officer with an executive-level position.
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ArticleOCC report: Banks sound, but compliance risks elevated amid pandemic
The U.S. banking industry is stable nearly nine months into the coronavirus pandemic, but the OCC warns of increased risks for banks seeking to comply with the Bank Secrecy Act and consumer protection and fair lending requirements.
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ArticleCFPB under Biden will likely get new director, new direction
The Consumer Financial Protection Bureau is likely to revert to its more aggressive, Obama-era version of itself under a Biden administration.
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ArticleCalifornia voters approve creation of new state agency to enforce CCPA
California voters approved a ballot measure that will add new layers of responsibility for businesses attempting to comply with the state’s first-in-the-nation data privacy law, the California Consumer Privacy Act.
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ArticleFY record already in sight as SEC issues $28M whistleblower award
A $28 million whistleblower award announced Tuesday is the latest in an unprecedented stretch that has the SEC within reach of surpassing the record award total set in fiscal year 2020 just five weeks into FY2021.
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ArticleNew bank resiliency guidance tackles cyber-risk, pandemic planning
Federal banking regulators have released new operational resiliency guidance aimed to strengthen risk management around technology-based failures, cyber-incidents, pandemic outbreaks, natural disasters, and more.
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ArticleAirline Services Ltd to pay $3.9M, agrees to DPA in bribery case
The U.K.’s Serious Fraud Office has levied penalties worth nearly £3 million (U.S. $3.9 million) against defunct aircraft refurbishing company Airline Services Limited for violating the country’s anti-bribery laws.
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ArticleCFTC guidance details path to reduced enforcement penalties
The CFTC issued guidance that spells out how companies that self-report violations, cooperate with investigators, and remediate their issues can qualify for a “substantially reduced penalty” on any subsequent enforcement action.
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ArticleOCC deems ‘true lenders’ responsible for actions of third-party partners
The Office of the Comptroller of the Currency’s finalized “true lender” rule clarifies how banks are responsible for the compliance obligations and actions of their third-party lending partners.
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ArticleGoldman board demands accountability with widespread 1MDB clawbacks
The board of directors at Goldman Sachs Group will attempt to claw back approximately $174 million from a dozen current and former executives—one of the largest clawback attempts ever—in the aftermath of the 1MDB scandal.
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Training, conflict of interest early pain points of Reg BI compliance
Financial institutions complying with the SEC’s new Regulation Best Interest standard have particularly struggled with training staff and how to identify and eliminate potential conflicts of interest, regulators said during an online forum.
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ArticleChoose your ending: What to do when your systems are hacked and ransom is demanded
What should you do if your firm is hit by ransomware? Choose your own ending to this tale about a clinic, a criminal, and coronavirus to learn the risks and rewards of each choice.