All United States articles – Page 95
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News BriefSEC commissioner: ESG standards attempt to ‘measure the unmeasurable’
Hester Peirce of the Securities and Exchange Commission argued materiality-based standards—not environmental, social, and governance standards—best suit investors’ needs during a recent speech.
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News BriefFTC attorney says agency concerned with generative AI use
The Federal Trade Commission is closely tracking company use of artificial intelligence tools for possible rule violations involving deception, discrimination, excessive manipulation, or unfairness.
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News BriefLawmakers pressure SEC to examine Shein’s sourcing practices before IPO
Two dozen lawmakers have demanded the Securities and Exchange Commission require an independent third party to verify fast-fashion retailer Shein does not use Uyghur forced labor before allowing it to go public.
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PremiumSurvey: In-house counsel salaries, bonuses decreased in 2022
In-house counsel salaries took a small step back in 2022, according to the latest analysis from executive search firm BarkerGilmore, while overall bonuses suffered a much steeper decline.
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News BriefCrypto exchange Poloniex to pay $7.6M in OFAC sanctions case
Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million as part of a settlement with the Office of Foreign Assets Control for engaging with more than 200 customers across a handful of sanctioned regions.
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Blog
RSM US promotes national risk consulting leader to chief risk officer
Assurance, tax, and consulting services firm RSM US announced the promotion of National Leader of Risk Consulting John Brackett as chief risk officer.
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News BriefSEC reopens comment period on beneficial ownership proposal
The Securities and Exchange Commission reopened the comment period on proposed changes to “modernize” its beneficial ownership rule, including shortening certain filing deadlines.
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OpinionRecord Seagate enforcement a reminder it doesn’t matter if you think you’re right
Not knowing with certainty whether the business you’re conducting meets all relevant regulatory standards is a recipe for trouble, as Seagate learned in paying $300 million for its restricted dealings with Chinese telecom Huawei.
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News BriefFirst Republic Bank closed, sold to JPMorgan Chase by FDIC
San Francisco-based First Republic Bank was closed by state and federal banking regulators over the weekend, then sold to JPMorgan Chase Bank. The failure is the second largest in U.S. banking history.
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News BriefFed pledges heightened supervision following SVB collapse
The Federal Reserve Board will likely recommend strengthening regulatory and supervisory procedures for mid-sized regional banks in the aftermath of the failure of Silicon Valley Bank.
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News BriefMastercard facing DOJ probe into debit practices
Mastercard said it is under investigation by the Department of Justice’s Antitrust Division regarding the company’s debit card program and competition with other payment networks and technologies.
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News Brief
Attorney pleads guilty to aiding sanctioned Russian oligarch
New York attorney Robert Wise faces up to five years in prison after pleading guilty to making payments to maintain U.S. properties secretly owned by sanctioned Russian oligarch Viktor Vekselberg.
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News BriefSEC risk alert flags branch office cybersecurity controls
The protection of customer personal data by branch offices of broker-dealers and investment advisers should be just as robust—and as well-coordinated—as protocols used by the firm’s home office, according to the Securities and Exchange Commission.
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News BriefFinCEN annual report: How DOJ, IRS use SARs to aid probes
The Financial Crimes Enforcement Network’s year in review for fiscal year 2022 provides details on how other U.S. agencies use information derived from the millions of suspicious activity reports filed each year to support their enforcement efforts.
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News BriefFrank’s International to pay $8M in FCPA case
Dutch oilfield services provider Frank’s International agreed to pay nearly $8 million as part of a settlement with the Securities and Exchange Commission for allegedly paying bribes to influence oil drilling contracts in Angola.
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News BriefKingdom Trust fined $1.5M over ‘substantially inadequate’ AML controls
South Dakota-based Kingdom Trust Co. agreed to pay a $1.5 million fine to the Financial Crimes Enforcement Network for anti-money laundering deficiencies that resulted in violations of the Bank Secrecy Act.
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News BriefU.S. authorities reiterate enforcement focus on AI discrimination
Officials at four U.S. agencies warned they are prepared to act against bias or discrimination that involves artificial intelligence.
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News BriefMizuho Capital Markets to pay $6.8M for undisclosed pre-hedging
Mizuho Capital Markets agreed to pay more than $6.8 million to settle charges from the Commodity Futures Trading Commission it failed to adequately disclose its pre-trade activity on certain foreign exchange forward transactions that disadvantaged customers.
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PremiumIs ChatGPT the privacy problem? Or is GDPR?
Scrutiny into ChatGPT has reignited concerns the General Data Protection Regulation is either stifling innovations in technology or that the legislation is not flexible enough to keep pace with technological advances. Experts weigh in.
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Blog
Northwest Bank names chief risk officer
Northwest Bank announced the appointment of Gregory Betchkal as executive vice president and chief risk officer.