Category: News Roundup

These are brief synopses of news items that have been covered by other sites. They include a few paragraphs and a link to the fully contained article on another site.

CohnReznick Logo

PCAOB Sanctions CohnReznick for Failing to Make Timely Disclosures

The Public Company Accounting Oversight Board (PCAOB) has hit audit firm CohnReznick with a censure and a $20,000 civil penalty for alleged failures to timely disclose disciplinary proceedings brought against the firm by the Securities and Exchange Commission, the PCAOB announced. According to the PCAOB’s disciplinary order, CohnReznick failed to Read More

Bank of America to Pay $150M for Illegal Fees, Fake Accounts

Bank of America will pay total penalties of $150 million for systematically and illegally double dipping on fees imposed on customers, withholding reward bonuses promised to credit card customers, and opening fake accounts without customer knowledge or authorization. Under the terms of two separate administrative proceedings, issued July 11 by Read More

Window maker View avoids SEC penalties

Window Maker Earns Reprieve by Cooperating with SEC Investigation

View, a California-based maker of “smart” windows for office buildings, has settled charges with the Securities and Exchange Commission for failing to disclose $28 million in projected warranty-related liabilities to address a particular defect in its windows, the SEC announced. The regulatory agency said it decided not to impose any Read More

CFPB Fines ACI Worldwide $25M for Illegally Processing Mortgage Payments

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

PWC investigation

FRC Sanctions PwC, KPMG Over Audits of Eddie Stobart Logistics

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

FTC Issues Guidance for Online Marketplaces on INFORM Consumers Act

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

FINRA Fines Credit Suisse $900,000 for Late and Inaccurate Reporting

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

JPMorgan Fined $4M for Deleting 47 Million Electronic Communications

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

FTC Complaint Alleges Amazon Enrolled Consumers in Prime Without Consent

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