OCC hits USAA with third order in five years; places limits on new services, products, membership
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
NPT names Susan Thompson Buffett Foundation GC to trustees’ board
National Philanthropic Trust announced the appointment of Tamara Watts, vice president, legal and general counsel for The Susan Thompson Buffett Foundation, to its board of trustees.
Succession Resource Group welcomes new GC
Succession Resource Group, a consulting firm specializing in wealth management business valuations, employment solutions, succession planning, and M&A transactions, announced the appointment of Todd Fulks as general counsel.
Formic names first GC
Formic, which specializes in robotics, industrial automation, and manufacturing, announced the addition of Todd Plotner as the company’s first general counsel.
NewMarket expands GC’s role
NewMarket Corporation announced that Bryce Jewett III has been elected executive vice president and general counsel, effective Jan. 1.
Kashiv BioSciences announces global CLO
Kashiv BioSciences announced the appointment of Ross Oehler as global chief legal officer.
Vise announces legal chief, GC
Vise, a technology-driven investment management platform, announced the appointment of Kamal Jafarnia as chief legal officer and general counsel.
Koppers appoints legal, sustainability chief
Koppers Holdings, an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, today announced the election of Stephanie Apostolou as chief legal and sustainability officer and secretary.
Dana Incorporated names Otis’ GC to board
Dana Incorporated, which engineers, manufactures, and distributes power-conveyance and energy-management solutions for vehicles, announced that Nora LaFreniere, executive vice president and general counsel of Otis Worldwide Corporation, has been appointed to the company’s board of directors.
Flagstar Financial names Liberty GC to board
Flagstar Financial announced the appointment of Brian Callanan, senior managing director and general counsel at Liberty Strategic Capital, to its board of directors.
Thumbtack appoints chief legal officer
Technology company Thumbtack announced the addition of Susan Rammelt as chief legal officer.
Becton Dickinson pays $175M for misleading investors about flawed IV pump system
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
Condé Nast appoints GC
Condé Nast announced the appointment of Antonious Porch as general counsel.
Shutts & Bowen partner named GC of Republican National Lawyers Association
Business law firm Shutts & Bowen announced that its Tallahassee Office Managing Partner, Benjamin Gibson, was appointed general counsel of the Republican National Lawyers Association.
Cornell Capital promotes CCO to partner
Cornell Capital announced the promotion of Jennifer Cattier, who joined as chief operating officer and chief compliance officer in 2022, to partner.
Bankrupt retailer Express avoids fine in SEC understated CEO perks case
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
Xilio Therapeutics appoints CLO
Biotechnology company Xilio Therapeutics announced the appointment of Caroline Hensley as chief legal officer.
Koppers’ sustainability chief to retire
Koppers Holdings, an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, announced the retirement of Leslie Hyde, senior vice president and chief sustainability officer, effective Mar. 31.
R360 welcomes legal chief
R360, a global community for ultra-high-net-worth individuals, announced that Rich Cohen has joined its executive team as managing director of Member Experience and chief legal officer.
California Hotel & Lodging Association names Pacific Hospitality GC to board
The California Hotel & Lodging Association welcomed Tony Zand, general counsel of Pacific Hospitality Group, to its board of directors.
Option3 names ex-Bloomberg GC as operating partner
Cybersecurity private equity specialist Option3 appointed Karl Kilb III, former general counsel of Bloomberg, as operating partner, also naming him chief strategy officer for its new ENIGMA Zero Trust platform.
Survey: Organizations broadly adopting AI, with varied governance
The majority of businesses are using AI and doing so without governance–a compliance gap that poses extreme risks, a new survey by Compliance Week and GAN Integrity found. A webinar will discuss why it is crucial to have AI governance, how to implement it, and what strategies to strengthen programs.
Minnesota transport company hit with sanctions violations for Cuba, Iran trade
A Minnesota transportation company agreed to pay nearly $258,000 to settle allegations that a subsidiaries violated sanctions against Cuba and Iran more than 80 times, the U.S. Treasury Department’s Office of Foreign Assets Control said.
McKinsey & Co. to pay $650M, improve compliance over opioid advice to Purdue Pharma
McKinsey & Co. will pay $650 million in penalties to the U.S. Department of Justice (DOJ) to settle charges that it advised Purdue Pharma on how to “turbocharge” the sale of Oxycontin in the middle of the U.S. opioid crisis.
SeaCrest to pay $375K to settle charges that it failed to supervise rogue adviser
New York-based SeaCrest Wealth Management will pay a $375,000 fine for failing to properly prevent a cherry-picking scheme perpetrated by one of its investment advisers.
SEC fines Cantor Fitzgerald $6.75M for failing to disclose pre-IPO talks
Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.
U.S. Appeals Court overturns Nasdaq board diversity rule
A U.S. Appeals Court overturned a Securities and Exchange Commission rule that had required companies listed on the Nasdaq stock exchange to disclose whether their boards had women or minority members–and if not, why not.
Habitat for Humanity International announces CLO
Housing organisation Habitat for Humanity International welcomed Tim Phillips as the organization’s new chief legal officer.
Atmos Energy announces GC
Atmos Energy Corporation announced that Jessica Bateman Pulliam has been appointed to the position of senior vice president, general counsel and corporate secretary, effective Jan. 1.
Healthcare Realty Trust announces GC
Healthcare Realty Trust Incorporated announced that Andrew Loope, senior vice president, corporate counsel and secretary, will be promoted to executive vice president, general counsel, and secretary.
R.J. O’Brien names global CCO
R.J. O’Brien & Associates, an independent futures brokerage and clearing firm, announced the appointment of John Robbins to the new role of global chief compliance officer.
Liberty Mutual Insurance names CCO
Liberty Mutual Insurance announced that Nicole Arangio has been named executive vice president and chief compliance officer, effective Apr 1.
SEC fines Morgan Stanley $15M to settle allegations of theft of client funds
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
Check, please! Tipped employee compensation in spotlight amid U.K., U.S. ‘fair’ pay debate
Earlier this year, amid then-Republican presidential candidate Donald Trump’s campaign promise to end taxes on tips in the U.S., the U.K. government introduced a new law to ensure that all tips are paid in full to staff, regardless of whether they were given in cash or by credit card.
Texas court halts FinCEN beneficial ownership reporting requirements
Business owners can stop preparing their 2025 anti-money laundering reports for the Treasury Department’s Financial Crimes Enforcement Network, according to a Texas court, which ruled the Corporate Transparency Act requirement unconstitutional.
DOJ hits McKinsey & Co. subsidiary with $123M criminal penalty over bribes in South Africa
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
Whistleblower’s defamation case reveals scope of USAA ‘coverup’
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
Alerus Financial Corporation names risk chief
Alerus Financial Corporation announced that Joe Birkholz has joined the company as chief risk officer.
Boston Mutual Life Insurance promotes legal chief to president, COO
Boston Mutual Life Insurance Company announced that General Counsel & Secretary Grant Ward, Sr., JD, has been named president and chief operating officer, effective Jan. 1.
Norm Ai names New York Life Insurance CCO to Regulatory Advisory Board
Norm Ai, which provides an AI-powered regulatory compliance platform for the legal and compliance industries, announced that New York Life Insurance’s Chief Compliance Officer Sandi Tillotson has joined its Regulatory Advisory Board.
FactSet appoints legal chief
Global financial digital platform FactSet announced the appointment of Christopher McLoughlin as executive vice president, chief legal officer.
KPMG report on regs in 2025: Use data analytics to predict, respond to Trump administration changes
Regulations are sure to be rolled back under President Donald Trump, but the question is which regulations, and how much? Is your organization as prepared to respond when regulations are loosened as it was when they were tightened?
Evolving sanctions rules make continuous screening, due diligence essential in 2025
The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.
Exelon Corporation announces legal chief
Utility company Exelon Corp announced that Colette Honorable will be named chief legal officer and corporate secretary.
Lockheed Martin names new GC
Global defense technology company Lockheed Martin named Kevin O’Connor as the corporation’s new senior vice president, general counsel and corporate secretary, effective Jan. 13.
BarkerGilmore names ex-Cleveland Clinic CLO as strategic advisor
Executive search and talent advisory firm BarkerGilmore announced the appointment of David Rowan, former chief legal officer at Cleveland Clinic, as a strategic advisor and leadership development coach.
JSSI appoints legal chief, GC
Jet Support Services announced the appointment of Carly Anderson as chief legal officer, general counsel, and chief strategy officer.
Trump taps crypto enthusiast Paul Atkins to replace Gensler at SEC
President-elect Donald Trump appeared to strengthen his ties to the crypto industry when he nominated a popular crypto advocate, Patomak Global Partners founder Paul Atkins, to be the next chairman of the Securities and Exchange Commission.
U.K., EU enforcement regimes set to escalate, but critics question sanctions’ effectiveness
With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?
German firm Aiotec to pay $14.5M to settle Iran sanctions violation
German petrochemical parts supplier Aiotec agreed to pay $14.5 million to settle allegations that it engaged in a four-year conspiracy to dismantle and ship a plastics manufacturing plant owned by a U.S. company to Iran, in violation of U.S. sanctions.