The European Commission has proposed a new regulation intended to streamline cooperation efforts between member countries when enforcing the EU’s data privacy laws, known as the General Data Protection Regulation (GDPR). If adopted, the new law would require European privacy regulators, known as data protection authorities (DPAs), to share more Read More
Just as in any other industry, the financial industry has its fair share of questionable behavior, and then some. For this reason, an alphabet soup of regulatory oversight — and accompanying fines for non-compliance, violations, and even fraud — exist to keep financial institutions in line. Regulatory bodies like the Read More
In a first-of-its-kind enforcement action, the Consumer Financial Protection Bureau (CFPB) has ordered ACI Worldwide and one of its subsidiaries, ACI Payments, to pay a $25 million civil penalty for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. According to the CFPB, this is the first enforcement action Read More
The U.K. Financial Reporting Council (FRC) announced in separate actions that it has imposed sanctions against KPMG and PwC, each relating to statutory audits of the financial statements of Eddie Stobart Logistics. The FRC’s penalties, announced June 29, each included discounted fines. KPMG received a reduced sanction of 877,500 pounds Read More
The Federal Trade Commission has issued new guidance for online marketplaces that need to comply with the INFORM Consumers Act, which officially went into effect June 27. “When consumers buy products from online marketplaces, the identity of the seller is often unclear,” the FTC stated in the guidance. Congress passed Read More
Data is one of the most important driving forces of a great compliance program. Compliance leaders often rely on data-driven metrics to find and correct any flaws within their organization’s compliance processes. With so many possibilities, though, what metrics should you include in your compliance report? Which ones offer the Read More
Credit Suisse Securities, a U.S.-based Credit Suisse subsidiary, has been fined $900,000 by the Financial Industry Regulatory Authority (FINRA) for late and inaccurate reporting in violation of numerous FINRA rules. According to FINRA’s order, from November 2015 through at least March 2023, Credit Suisse reported to the Trade Reporting and Read More
JPMorgan Securities, a subsidiary of JPMorgan Chase, has reached a $4 million settlement with the Securities and Exchange Commission to resolve charges that it deleted tens of millions of electronic communications that it should not have deleted. According to the SEC’s cease-and-desist order, from January to April 2018, JPMorgan deleted Read More
The Federal Trade Commission has filed a complaint against Amazon.com after the e-commerce company allegedly enrolled consumers into its Amazon Prime program for years without their consent “while knowingly making it difficult for consumers to cancel their subscriptions,” the FTC said. According to the FTC’s complaint, filed June 21 in Read More
The Federal Communication Commission (FCC) recently announced the launch of a newly created Privacy and Data Protection Task Force, aimed at enhancing data privacy and security practices around consumer communications. This new task force, created by FCC Chairwoman Jessica Rosenworcel and led by FCC Enforcement Bureau Chief Loyaan Egal, is Read More
