The Securities and Exchange Commission announced, in a letter to the Eighth Circuit court, that it has voted to no longer defend rules requiring companies to disclose climate-related risks, greenhouse gas emissions, and their impact on business operations. The original rules requiring sch disclosure was adopted last year under the Read More
The Financial Industry Regulatory Authority announced that it fined broker-dealer United First Partners (UFP) and suspended its chief compliance officer for allegedly failing to implement an adequate supervisory system designed to supervise the firm’s outside brokerage accounts. UFP’s primary business is providing brokerage and research services to institutional customers. As Read More
The Office of the Comptroller of the Currency announced that it will no longer examine banks for reputation risk and is removing references to reputation risk from its Comptroller’s Handbook booklets and guidance issuances. This move comes at a time in which the OCC has received complaints about the examination’s Read More
Securities and Exchange Commission Chair Mark Uyeda announced the implementation of a “blueprint” designed to slow the Commission’s rulemaking process while improving cost efficiency. Such a “blueprint” entails longer comment periods as well as the rejection and reduction of rules proposed under the leadership of former SEC chair, Gary Gensler. Read More
President Trump fired two Democratic commissioners, Alvaro Bedoya and Rebecca Slaughter, from the Federal Trade Commission, a move that reflects his broader effort to assert control over administrative agencies and reshape the federal government. Trump’s firing has mainly come under question due to the 110-year-old precedential case of Humphrey’s Executor Read More
The Public Company Accounting Oversight Board announced that PricewaterhouseCoopers Singapore agreed to pay $1.5 million for violations of PCAOB rules and quality control standards. The violations arose from the Firm’s failure to have appropriate policies and procedures over its Personal Independence Compliance Testing (PICT) process and to foster an appropriate ethical Read More
The Securities and Exchange Commission announced the withdrawal of a policy that granted the Director of Enforcement the authority to initiate new investigations and approve the issuance of subpoenas. The former policy was created in 2009, which essentially allowed the Director to legally permit the SEC staff to open an Read More
The Treasury Department announced that it has suspended enforcement of the Corporate Transparency Act (CTA) against domestic businesses and American citizens. As a result of this announcement, the Treasury will not issue fines or penalties to those who violate the CTA’s reporting requirements. The CTA was developed in 2021 as Read More
The Consumer Financial Protection Bureau announced that it dropped its lawsuit against Zelle, Wells Fargo, and other major banks that alleged the companies of failing to protect consumers from widespread fraud. In its dropped lawsuit, the CFPB claimed that hundreds of thousands of consumers filed fraud complaints to Wells Fargo, Read More
The Senate Banking Committee voted in favor of President Donald Trump’s nomination of Jonathan McKernan to lead the Consumer Financial protection Bureau. The Senate Banking Committee voted 13-11 to advance McKernan’s nomination as Director of the CFPB, moving it to the full Senate for confirmation. McKernan would lead the beleaguered Read More
