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Penalties Enforcement Actions Financial Services Industry

Troutman Pepper

Massachusetts Federal Court Orders Key Credit Repair to Pay $50M for Misleading Claims and Advance Fees

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The U.S. District Court for the District of Massachusetts recently denied a credit repair organization’s motion for partial summary judgment and granted the Consumer Financial Protection Bureau (CFPB or Bureau) and the...more

Carlton Fields

SEC Penalties for Off-Channel Communications: Still Blowing in the Wind

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The SEC has increased its enforcement efforts against firms that are registered as broker-dealers and/or investment advisers for alleged violations of federal securities laws involving “off-channel communications.” Such...more

Hinch Newman LLP

FTC Announces Final Rule Banning Fake and False Consumer Reviews and Testimonials

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On August 14, 2024, the Federal Trade Commission announced a Final Rule combatting bogus consumer reviews and testimonials by prohibiting their sale or purchase. The Rule allows FTC lawyers to strengthen enforcement, seek...more

The Volkov Law Group

State Street’s $7.45MM OFAC Penalty Highlights Importance of Sanctions in M&A Due Diligence

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has released a $7.45 million penalty against State Street Bank and Trust Company and its non-bank, fintech subsidiary Charles River Systems for...more

Vinson & Elkins LLP

New CFTC Enforcement Policy Increases Penalties to Deter Recidivists

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The U.S. Commodity Futures Trading Commission (“CFTC” or “Commission”) — the federal agency tasked with regulating the U.S. derivatives markets, which includes futures, swaps and certain kinds of options — has recently taken...more

The Volkov Law Group

Pain in the App: Messaging Apps Lead to Large SEC Enforcement Actions

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On September 29, 2023, the U.S. Securities and Exchange Commission charged several firms with recordkeeping failures. These recordkeeping failures relate to pervasive and longstanding off-channel communications.  Generally,...more

The Volkov Law Group

Bank of America Hit with $250 Million in Penalties for Account Abuse Practices

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Bank of America joined the club of consumer abusers – Wells Fargo had been the well-established leader of this club and the poster-child for abusive consumer practices.  For years, Bank of America avoided federal...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Biggest Fines and Penalties

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In this article, we share a list of the biggest fines and penalties from our monthly "bites" for 2022. So, what happened in 2022?...more

Sheppard Mullin Richter & Hampton LLP

OCC and FinCEN Issue $200 Million in Penalties for BSA-AML Violations

On March 17, the OCC and FinCEN issued civil monetary penalties against a federal savings bank for “willfully” failing to meet minimum compliance program requirements and shoddy suspicious transaction reporting. The consent...more

Sheppard Mullin Richter & Hampton LLP

OCC and FinCEN Issue $9 Million in Penalties for BSA-AML Violations

On December 16, 2021, the Office of the Comptroller of the Currency (“OCC”) and the Financial Crimes Enforcement Network (“FinCEN”) issued civil monetary penalties against a Texas community bank for violations of the Bank...more

Akin Gump Strauss Hauer & Feld LLP

[Podcast] The SEC and FCA Annual Reports: Facts, Figures, Trends

In this episode, Akin Gump financial regulatory partner Helen Marshall and white collar defense and government investigations practice co-head Michael Asaro look at SEC and FCA’s annual reports to discuss similarities,...more

The Volkov Law Group

OCC Settles Penalty Action with Former Wells Fargo CEO for $17.5 Million and Issues Penalty Notices Against Five Former Wells...

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The Office of the Comptroller of Currency (OCC) announced a $17.5 million settlement with former Wells Fargo Bank CEO John Stumpf’s role in the sales practices misconduct scandal.  In addition, the OCC announced settlements...more

Hogan Lovells

HUD and DOJ Signal Easing of FCA Enforcement in FHA Residential Mortgage Lending Through Interagency Memorandum

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On October 28, 2019 the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Justice (DOJ) released a Memorandum of Understanding (MOU) announcing their joint approach to False Claims Act (FCA)...more

The Volkov Law Group

UBS Pays $15 Million for AML Compliance Deficiencies

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UBS Group agreed to pay a combined $15 million penalty to the US Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”)and the SEC for regulatory deficiencies in its anti-money laundering compliance program. ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Mr. Buffett and his Berkshire crew just dropped nearly a billion on its own stock, a likely sign, according to analysts, of a “dearth of appealing investment options” for the company’s “large cash pile”....more

Fenwick & West LLP

SEC Fines Private Company in First Enforcement Action Resulting from Rule 701 Option Grants Investigation

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The U.S. Securities and Exchange Commission brought an action against San Francisco-based Credit Karma on March 12 for issuing employee stock options without a valid registration exemption because the issuer failed to satisfy...more

Foley & Lardner LLP

CFPB Settlements: It’s Not Over Until It’s Over

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On April 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) broke new ground by imposing a fine – in excess of a million dollars – against a consumer financial services company for allegedly violating the terms of...more

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