All articles by Joe Mont – Page 52
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Blog
SEC fines company for anti-whistleblower severance deals
With a warning to companies that rely upon severance agreements, the SEC has settled with an Atlanta-based building products distributor over allegations it violated securities laws by requiring outgoing employees to waive their right to monetary recovery if they filed a whistleblower complaint. Joe Mont reports.
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ArticleOn its fifth anniversary, CFPB is as controversial as ever
The Consumer Financial Protection Agency may be the most polarizing government agency ever created. It’s also one of the most resilient, given its perseverance in the face of political and legal attacks. Its ultimate fate, despite its successes, may depend on two separate challenges to its constitutionality winding their way ...
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SEC modifies administrative proceedings, but did it go far enough?
The SEC views administrative proceedings as a streamlined, time-sensitive process that can adjudicate certain enforcement actions that would otherwise clog federal courts. Critics see an unfair process that stacks the deck in favor of the Commission. The big issue, writes Joe Mont, is whether new procedural changes can appease detractors.
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ArticleMike Lamberth: Shepherding the future of compliance
Mike Lamberth, managing vice president of compliance for Capital One Financial, was on the job as compliance programs first started to become ubiquitous. His vision for the profession: a continuing evolution that combines talents, keeps pace with regulatory change, realizes the positive disruption technology will bring, and does all this ...
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Regulators clarify diversity self-assessments
Federal banking regulators are offering additional details on the self-assessments of diversity policies and practices the institutions they oversee will need to submit as part of an effort to meet a requirement of the Dodd-Frank Act. Joe Mont has more.
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SEC’s Piwowar offers ideas for improving bank regulation
Troubled by what he sees as an intrusion by bank regulators onto the Securities and Exchange Commission's turf, Commissioner Michael Piwowar has outlined a new regulatory approach that comes with a variety of additional disclosure obligations for financial institutions. More from Joe Mont.
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Anti-corruption efforts slowly gain steam in Latin America
A majority of executives in Latin America may think their country’s anti-corruption laws are ineffective, but a recent survey by law firm Miller & Chevalier and 13 partner firms based in the region offers evidence of region-wide improvements in corporate compliance measures. Joe Mont has more study details.
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Basel Index finds slippage in AML efforts
The Basel Committee on Banking Supervision, an international consortium that develops banking standards, has issued its “Basel AML Index,” an annual ranking of country risk regarding money laundering and terrorism financing. The overall conclusion this year, says Joe Mont: A majority of countries fall short in the effective implementation and ...
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Fed hits Goldman Sachs over use of supervisory information
The Federal Reserve Board has ordered Goldman Sachs Group to pay a $36.3 million civil penalty for the unauthorized use and disclosure of confidential supervisory information in presentations to clients and prospective clients. Joe Mont reports.
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BlogBasel Index finds slippage in AML efforts
The Basel Committee on Banking Supervision, an international consortium that develops banking standards, has issued its “Basel AML Index,” an annual ranking of country risk regarding money laundering and terrorism financing. The overall conclusion this year, says Joe Mont: A majority of countries fall short in the effective implementation and ...
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Rise of the machines: how artificial intelligence could revolutionize compliance
It may sound futuristic, but “thinking machines” are poised to revolutionize compliance. Artificial intelligence, proponents say, can take care of grunt work, freeing audit and compliance professionals to focus on matters that befit their skills. Advanced automation, however, says Joe Mont, isn’t without concerns and pitfalls.
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ArticleKami Niebank: Rising to the challenge
Kami Niebank is CalPERS’ interim chief compliance officer and guides compliance efforts at the largest public pension fund in the United States. She is also overseeing an ambitious five-year compliance plan that will alternately refine and overhaul the entire compliance regime.
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Blog
FinCEN expands crackdown on real estate shell companies
The Financial Crimes Enforcement Network will add San Francisco, San Diego, and San Antonio to a geography-based initiative demanding that title insurance companies identify who is behind shell companies used to pay all cash for high-end residential real estate. The initiative is already underway in Manhattan and Miami-Dade County. Joe ...
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BAE Systems on what compliance needs to know about cyber risk
As cyber risk continues to increase, companies need to step up their security skills when it comes to procurement, audit, compliance, and legal on a variety of fronts. And that is just the beginning, says Bill Sweeney, financial services evangelist at BAE Systems Applied Intelligence, in an exclusive interview with ...
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Executives and investors form alliance to drive better governance
In part an after-effect of say-on-pay rules, shareholders are finding corporate executives and their boards increasingly willing to improve upon their once confrontational relationship. Joe Mont reports.
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BlogStudy: cash retainers for board service reach new highs
While median pay for outside directors at the nation’s largest corporations increased modestly in 2015, the growing trend of taking a fixed approach to director pay drove the annual cash retainer for board service to $100,000 for the first time, according to an analysis by Willis Towers Watson. Joe Mont ...
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When the CCO leaves, do you have a succession plan?
The role of the chief compliance officer has grown in both complexity and importance over the years. A lot of trust and accountability can be invested in whoever holds that post. So, what happens when they leave? Joe Mont looks at how to survive the departure of a compliance program’s ...
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BlogHouse votes to defund enforcement of SEC's pay ratio, conflict minerals rules
The House of Representatives has approved Rep. Bill Huizenga’s (R-Mich.) amendments to a financial services appropriations bill that would defund enforcement of the SEC’s controversial pay ratio and conflict minerals rules, both requirements of the Dodd-Frank Act. Joe Mont provides a closer look.
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Senate Democrats want SEC fraud investigations in Puerto Rico
A coalition of top Senate Democrats has asked the SEC “to investigate potential fraud and illegal conduct” that may have contributed to Puerto Rico’s ongoing debt crisis. The group also called on SEC Chair Mary Jo White to “be a cop on the beat of Wall Street.” Joe Mont reports.
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Financial Services Roundtable questions presidential candidates
The Financial Services Roundtable is asking presidential candidates to give their views on judging the effectiveness of U.S. financial regulators, increasing transparency into SIFI designations, and the future of the Consumer Financial Protection Bureau. More from Joe Mont.