- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-10-03T20:11:00
Discover Financial Services disclosed it avoided a monetary penalty in agreeing to a consent order with the Federal Deposit Insurance Corporation (FDIC) over alleged compliance shortcomings at its subsidiary bank.
Discover Bank agreed to improve its consumer compliance management system and enhance corporate governance, enterprise risk management, and board oversight, the company disclosed Friday.
Discover noted potential monetary penalties from the FDIC or other regulators over card product misclassification allegations disclosed in August are still pending.
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The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.
Discover Financial Services faces a class-action lawsuit from investors alleging materially false and misleading statements regarding its business, operations, and compliance policies.
Discover Financial Services is “paying the price” for underinvesting in compliance over the past several years and has been ramping up spending and hiring to catch up, two senior executives said in a call with analysts.
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.
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.
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.
