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LPL Financial

News Brief

SEC fines LPL Financial $18M for failed due diligence on new, high-risk accounts

2025-01-21T16:10:00+00:00By

Broker-dealer LPL Financial will pay $18 million to settle charges by the Securities and Exchange Commission that its anti-money laundering program did not properly vet customers and failed to close or restrict thousands of high-risk accounts.

American Express

News Brief

Amex to pay $230M in penalties to resolve charges it deceived customers, banking partner

2025-01-21T14:49:00+00:00By

American Express will pay approximately $230 million in fines and penalties to settle allegations that it deceptively marketed credit card and wire transfer products, and also misrepresented the tax benefits of two payroll wire transfer products.

SEC office

News Brief

SEC fines Wells Fargo $35M, Merrill Lynch $25M over improper cash sweeps

2025-01-21T12:51:00+00:00By

Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and Exchange Commission that their handling of investment accounts’ cash sweep programs violated federal law.

bitcoin_white_house

Premium

The Rise, Fall, and Rise of Crypto: Lessons from FTX amidst a changing regulatory landscape

2025-01-20T13:21:00+00:00By

As President Trump assumes power, the crypto industry is in the spotlight. Trump has tapped popular crypto advocate Paul Atkins to lead the SEC, and crypto proponents feel positive about gaining fast-tracked guidance. Crypto experts and industry leaders share insights into what the industry needs from regulators to drive innovation.

gm_web

News Brief

GM sued by FTC for selling location and behavioral data without drivers' consent

2025-01-17T19:15:00+00:00By

General Motors failed to disclose to customers that it tracked their precise locations and driving behavior and sold the data to third parties, the Federal Trade Commission alleged in a proposed order.

Cash App

News Brief

Cash App owner Block to pay $175M over fraud caused by lax consumer protection practices

2025-01-17T17:43:00+00:00By

Block, the owner of Cash App and Square, will pay $175 million to settle allegations that its lax consumer protection practices put customers at high risk of fraud, the Consumer Financial Protection Bureau said.

Data Harvest

News Brief

FTC orders Mobilewalla, Gravy Analytics to stop collecting geolocation data without permission

2025-01-17T16:09:00+00:00By

Two large data brokers, Mobilewalla and Gravy Analytics, collected billions of records containing sensitive geolocation and personal data of millions of people, and then sold it without their consent, the Federal Trade Commission said.

pot_stocks_web

News Brief

SEC fines cannabis hedge fund $150K for bogus AML policies, ties to Russian oligarch Abramovich

2025-01-17T15:49:00+00:00By

Cannabis hedge fund Navy Capital Green Management agreed to pay $150,000 to settle charges levied by the Securirties and Exchange Commission that the firm misled investors about its AML/CFT policies and allowed a sanctioned Russian oligarch to invest.

SEC office

News Brief

Musk sued by SEC for failing to disclose Twitter stock purchases quickly enough

2025-01-15T21:00:00+00:00By

Elon Musk, the world’s wealthiest person and the apparent right-hand man of incoming U.S. president Donald Trump, has been taken to court for a third time by the Securities and Exchange Commission for allegedly violating securities law.

FDA

News Brief

FDA bans Red No. 3 dye after decades of concerns over possible health risks

2025-01-15T19:05:00+00:00By

The U.S. Food and Drug Administration announced Wednesday it has revoked authorization for color additive Red No. 3 from food, beverages, and drugs. Health concerns over dye have existed since it was banned from cosmetics in 1990 after it was found that large doses led to the development of cancer ...

off_channel_comm_web

News Brief

SEC issues $63M in fines to dozen firms in ongoing off-channel comms sweep

2025-01-15T16:24:00+00:00By

Twelve more firms have been dinged with fines by the Securities and Exchange Commission for failing to properly supervise employees who used off-channel communications to conduct company business. In this latest round of enforcement actions, nine investment advisers and three broker-dealers will pay a total of $63 million.

Capital One

News Brief

CFPB sues Capital One over 'cheating' customers on savings account interest rates

2025-01-14T19:58:00+00:00By

Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.

AI United States

News Brief

White House, BIS attempt to strengthen AI chip export controls in final days of Biden presidency

2025-01-14T17:13:00+00:00By

In tandem with the Commerce Department’s Bureau of Industry and Security, the Biden administration issued a new rule on export controls of domestically produced artificial intelligence chips.

Robinhood

News Brief

Robinhood to pay $45M fine to settle securities law violations by broker-dealers

2025-01-14T17:11:00+00:00By

Robinhood, a disruptive force in the market for Main Street investors but also a serial offender of securities laws, will pay a total of $45 million to settle numerous violations of SEC rules and regulations by two of its broker-dealers.

crypto_gaming_web

News Brief

New CFPB payment privacy rule on the way for gaming companies, cryptocurrencies, Big Tech

2025-01-13T19:39:00+00:00By

The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.

BMO

News Brief

Broker-dealer BMO Capital Markets to pay $41M to settle trade supervision lapses

2025-01-13T17:32:00+00:00By

A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.

Blog

CCC names Cambridge University Press & Assessment GC to board

2025-01-13T08:27:00+00:00By

Copyright Clearance Center announced the election of Catie Sheret, general counsel for Cambridge University Press & Assessment to its board of directors.

Blog

Corebridge Financial adds GC

2025-01-13T08:15:00+00:00By

Corebridge Financial announced that Polly Klane will join the company as general counsel in February.

Blog

Falvey Insurance Group names CRO

2025-01-13T08:03:00+00:00By

Falvey Insurance Group announced the appointment of Eric Newman as chief risk officer.

SEC office

News Brief

Cannabis company dinged by SEC over ‘round-trip’ transfer to inflate year-end cash

2025-01-10T20:14:00+00:00By

A cannabis company agreed to pay $225,000 to settle allegations that funds were temporarily deposited into its year-end accounts for the sole purpose of inflating year-end cash, the Securities and Exchange Commission said.

Experian sign

News Brief

Experian failed to correct flawed financial data about consumers, CFPB complaint alleges

2025-01-09T15:18:00+00:00By

Experian, the credit reporting giant, let compliance slide when it came to addressing consumer complaints about incorrect data, the Consumer Financial Protection Bureau said in a lawsuit against the credit agency.

Blog

Welltower names legal chief

2025-01-09T08:14:00+00:00By

Real estate investment trust Welltower announced that Matthew McQueen has been appointed chief legal officer after previously serving as executive vice president – general counsel.

Blog

Goya Foods appoints new GC

2025-01-09T08:05:00+00:00By

Goya Foods announced the appointment of Jesús Vázquez as its new general counsel.

Blog

Tyler Technologies names new legal chief

2025-01-09T07:58:00+00:00By

Tyler Technologies announced that Bill Van Asselt has been promoted to chief legal officer and assumes direct leadership of the legal team.

Blog

APA Corporation adds legal chief

2025-01-09T07:48:00+00:00By

APA Corporation, which owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom, has named Kimberly Warnica to the position of executive vice president and chief legal officer, effective Jan. 13.

Blog

Goldman Sachs names CRO

2025-01-09T07:41:00+00:00By

The Goldman Sachs Group announced the appointment of Alex Golten as chief risk officer of the firm.

Blog

Incline P&C Group appoints risk chief

2025-01-09T07:35:00+00:00By

Incline P&C Group, a property and casualty insurance program market services firm, announced the appointment of Sheel Patel as chief risk and strategy officer.

Blog

Stratus Financial announces CRO

2025-01-09T07:27:00+00:00By

Stratus Financial announced the appointment of Sajal Agarwal as the company’s new chief risk officer.

Blog

Paxos compliance head joins Guidepost Solutions as managing director

2025-01-08T15:39:00+00:00By

Business services and consulting company Guidepost Solutions announced the appointment of Paxos Head of Compliance Gabriel Hidalgo as managing director.

Bank overdraft

News Brief

CFPB rule bans lenders from using medical debt in credit report determinations

2025-01-07T19:16:00+00:00By

Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.

Russia sanctions

News Brief

SkyGeek dinged by OFAC for completing orders, refunds with sanctioned Russian firms

2025-01-07T16:26:00+00:00By

Nearly three years after Russia invaded Ukraine, numerous U.S. sanctions imposed on Russia-based companies connected to the war effort have made doing business in the country fraught with unseen risks, as one U.S. airplane parts distributor learned recently.

CFPB logo

Basic Page

Berkshire Hathaway mortgage unit led mobile home buyers needlessly into foreclosure, CFPB says

2025-01-06T18:41:00+00:00By

A Berkshire Hathaway unit that is a major lender to people buying mobile homes intentionally failed to qualify borrowers, the Consumer Financial Protection Bureau alleged in a complaint. As a result, many families ultimately lost their homes and sank into debt, echoing a series of events that helped power the ...

FINRA

News Brief

FINRA ends year with string of fines against Jefferies, UBS, Citi, Barclays

2025-01-03T14:44:00+00:00By

The Financial Industry Regulatory Authority issued fines against four large banks to end 2024, all for different alleged misconduct, but all related to the firms’ failures to implement a supervisory system reasonably designed to achieve compliance with FINRA rules.

AdobeStock_223567977

Premium

Data analytics in compliance: Time to get started, or expand, in 2025

2024-12-30T21:00:00+00:00By

Launching or expanding a corporate data analytics program for compliance can seem like a daunting task, but it is one worth adding to your to-do list in 2025.

Ransomware

News Brief

Russian-Israeli LockBit developer to be extradited to U.S. for extorting $500M

2024-12-30T15:50:00+00:00By

An alleged software mastermind of the notorious LockBit ransomware group will soon be extradited to the United States to stand trial on charges that his criminal enterprise extorted at least half a billion dollars from victims worldwide, including U.S. businesses and hospitals, the Department of Justice said.

Risk

News Brief

Top 5 risks for 2025: U.S. uncertainty, global trade war, digital attacks

2024-12-30T14:57:00+00:00By

A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.

Blog

Synovus names former Fidelity risk chief to board

2024-12-27T06:05:00+00:00By

Synovus Financial Corp appointed Greg Montana, former executive vice president and chief risk officer of Fidelity National Information Services, to its board of directors, effective Jan. 1.

Blog

Banzai appoints chief legal officer

2024-12-27T05:28:00+00:00By

Marketing technology company Banzai International announced the appointment of Nancy Norton as chief legal officer.

Blog

Surf Air Mobility names ex-legal chief to board

2024-12-27T05:14:00+00:00By

Surf Air Mobility announced the appointment of David Anderman, who served as chief legal officer of the company from June 2023 to May 2024, to its board of directors.

Blog

Upstream Bio appoints GC

2024-12-27T05:05:00+00:00By

Upstream Bio, a clinical-stage company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders, announced that the company has appointed Allison Ambrose, J.D. as general counsel.

Blog

Huron appoints general counsel

2024-12-26T08:33:00+00:00By

Global professional services firm Huron announced that it has promoted Hope Katz to executive vice president, general counsel, and corporate secretary, effective Jan. 1.

Blog

St. Louis Fed names general counsel

2024-12-26T08:02:00+00:00By

Federal Reserve Bank of St. Louis announced that Jennifer Haynes, currently vice president and deputy general counsel, will be promoted to senior vice president, general counsel and corporate secretary, effective Jan. 1.

Blog

HCA Healthcare names ethics, compliance chief

2024-12-26T07:47:00+00:00By

HCA Healthcare announced that Wendy Warren has been appointed senior vice president and chief ethics and compliance officer, effective Mar. 3.

FTC seal

News Brief

Rytr agrees to halt fake AI review service in settlement with FTC

2024-12-24T16:51:00+00:00By

Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.

columnist dale

Opinion

Five more compliance triumphs of 2024

2024-12-24T13:00:00+00:00By

Whether you’re a multinational telecommunications company looking to certify your anti-corruption program post-settlement, or a biochemical company victimized by a “rogue” employee, seeing the light at the end of the enforcement tunnel isn’t always easy.

AAR_Corp_web

News Brief

AAR Corp. to pay $56M to settle FCPA violations in Nepal, South Africa

2024-12-23T12:00:00+00:00By

Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.

zelle_web

News Brief

CFPB sues big banks behind money transfer app Zelle over lax oversight, fraud

2024-12-23T11:00:00+00:00By

JPMorgan Chase, Wells Fargo Bank, Bank of America, and the company behind online money transfer app Zelle were sued by the Consumer Financial Protection Bureau for allegedly failing to safeguard Zelle’s network and causing customers to lose $870 million, the CFPB alleged.

USAA

News Brief

OCC hits USAA with third order in five years; places limits on new services, products, membership

2024-12-20T17:39:00+00:00By

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.

Blog

NPT names Susan Thompson Buffett Foundation GC to trustees’ board

2024-12-20T13:46:00+00:00By

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.

Blog

Succession Resource Group welcomes new GC

2024-12-20T13:35:00+00:00By

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.