The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America to pay a $12 million penalty for submitting false mortgage lending information to the federal government under a long-standing federal law. For at least four years, hundreds of Bank of America loan officers failed to ask mortgage applicants certain Read More
Verizon subsidiary TracFone Wireless has agreed to a settlement with the Federal Communications Commission to resolve charges that the telecom company violated the rules of a program intended to help low-income consumers purchase Internet access and phone services at a discount. TracFone has agreed to compliance measures and will pay Read More
The U.S. Department of Health and Human Services announced a $100,000 settlement with Doctors’ Management Services for failures to determine the potential risks and vulnerabilities to electronic protected health information after a cyberattack exposed the information of more than 200,000 patients. It is notable in that it is the first Read More
The Securities and Exchange Commission announced charges against Austin, Texas-based software company SolarWinds and its chief information security officer, Timothy G. Brown, for fraud and internal control failures relating to allegedly known cybersecurity risks and vulnerabilities. The complaint alleges that, from at least its October 2018 initial public offering through Read More
The Securities and Exchange Commission has announced charges against five broker-dealers, three dually registered broker-dealers and investment advisers, and two investment advisers for widespread failures to maintain and preserve electronic communications and for off-channel communications. The firms admitted the facts set forth in their respective SEC orders and acknowledged that Read More
The Securities and Exchange Commission has filed charges against Clear Channel Outdoor Holdings Inc. for violations of the Foreign Corrupt Practices Act (FCPA). Clear Channel Outdoor agreed to pay more than $26 million to resolve the charges that it bribed Chinese government officials to obtain outdoor advertising contracts. The SEC’s Read More
The Securities and Exchange Commission has settled charges against CBRE Inc., a Dallas-based commercial real estate firm, for using an employee release that violated the SEC’s whistleblower protection rule. CBRE agreed to pay a civil penalty of $375,000 as part of the settlement. According to the SEC’s order, between 2011 Read More
The Irish Data Protection Commission (DPC) has fined social media giant TikTok €345 million ($368 million) for violating the privacy of children between the ages of 13 and 17 while processing their data. In its binding decision, the European Data Protection Board (EDPB) analyzed the design practices implemented by TikTok Read More
UBS Group has been ordered to pay approximately $387 million in total penalties in a global resolution stemming from significant risk management failures by Credit Suisse related to its relationship with hedge fund Archegos Capital Management, the Federal Reserve Board announced. On July 24, the Federal Reserve Board announced a Read More
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
