All United States articles – Page 194
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CFPB’s Consumer Complaint Database gets a second chance
Will improvements to the CFPB Consumer Complaint Database, acknowledged by the CFPB director as the “government’s version of Yelp,” help institutions ward off disgruntled consumers?
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Facebook’s Zuckerberg schmoozes with Trump, lawmakers
Facebook CEO Mark Zuckerberg met with about a half dozen senators at a dinner this week before visiting the White House to meet with President Trump. The key focus of the visit: discussing the future of internet regulation.
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SEC explores possible new rules on auditor independence
SEC Chairman Jay Clayton has instructed staff to follow up on concerns raised in public comments with respect to auditor independence requirements.
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FDIC paves way for rollback of initial swap margin requirements
The move to ditch the requirement that insured depository institutions collect initial margin from affiliates is being praised by regulators for bringing the U.S. into alignment with other countries and freeing up $39.4 billion in collateral.
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Banks finalize CECL prep, but others have work to do
Big banks are making progress in preparing for CECL, but non-bank operating companies are likely to face a heavier lift as they approach the fourth quarter.
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SEC charges ICOBox for unregistered offering, broker activity
The SEC has filed a lawsuit against cryptocurrency startup ICOBox, a California company in the business of facilitating other companies’ ICOs, and its founder for conducting an illegal securities offering of its digital tokens and for acting as unregistered brokers for other digital asset offerings.
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Compliance failures lead to $15M penalty for Raymond James
A series of compliance failures have resulted in three Raymond James entities being fined $15 million by the SEC over improper charges of advisory fees and excess commissions.
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SEC revisiting decades-old bank disclosure guide
The SEC is seeking public comment on proposed updates to statistical disclosures for bank and savings and loan registrants.
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Two broker-dealers to pay $4.65M for providing deficient ‘blue sheet data’
Two broker-dealers must pay a combined $4.65 million in penalties for providing incomplete and inaccurate securities trading information to the SEC. Prudent compliance officers might want to take a page from their remedial efforts.
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Last-minute CCPA changes strike business-friendly tone
Recently approved tweaks to California’s upcoming privacy law don’t change the fact compliance prep should already be well underway, experts say.
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LIBOR report suggests steep uphill climb still ahead
Despite warnings to prepare, financial institutions still face a lot of work and uncertainty around the demise of LIBOR, a new assessment suggests.
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Prudential subsidiaries to pay $33M for misleading disclosures
The SEC has charged two subsidiaries of Prudential Financial with failing to disclose conflicts of interest and making misleading disclosures to the boards for 94 funds they advised.
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If feds find fraud using analytics, corporations better have found it first
Deputy Assistant Attorney General Matthew Miner put corporate compliance officers on notice with remarks about the feds’ increasing use of data analytics.
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Lease rule implementation still a slog, poll says
Halfway through the first year reporting under new lease accounting rules, only one-fourth of public companies said their implementations were complete, according to a recent Deloitte poll.
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Tullett to pay $13M for supervisory failures and false statements
Tullett Prebon Americas must pay a total of $13 million for failing to supervise employees and making false or misleading statements to CFTC staff.
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SEC closes FCPA probe into Ciena
Ciena says the SEC advised the company it does not intend to recommend an enforcement action in connection with a previously disclosed investigation into potential violations of the FCPA.
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FTC prioritizes guidance on application of antitrust laws to Big Tech
The Federal Trade Commission’s Office of Policy Planning is making the identification of Big Tech companies’ anticompetitive behavior and how to remedy it a top priority.
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Auditors develop practice aid to compare notes on CECL
Auditors are comparing notes on how they will interact with audit committees regarding CECL, developing a practice aid that might also interest preparers.
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CFTC orders chief compliance officer to pay $150K for fraud
The CFTC has ordered a chief compliance officer to pay $150,000 for engaging in fraudulent acts and making false statements to a self-regulatory organization.
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Labor Department enforcement action comes with compliance warning
Lloyd Industries has been ordered to pay $1 million in lost wages and punitive damages to two former employees who were fired in retaliation for their participation in a federal safety investigation, the Department of Labor announced.