Wells Fargo will pay a total of $145 million in a settlement with the Department of Labor (DOL) to resolve allegations that Wells Fargo’s 401(k) plan overpaid for its own stock, the agency announced. In a settlement announced Sept. 12, Wells Fargo agreed to pay a $13.2 million penalty to Read More
A division of the U.S. Department of Labor has ordered Wells Fargo to pay $22 million to a former senior manager in its commercial banking segment after finding he was wrongfully terminated in violation of the Sarbanes-Oxley Act’s whistleblower protection provisions. After being terminated in 2019, the senior manager, who Read More
Citigroup Global Markets has agreed to pay more than 12.5 million pounds ($15 million) in a settlement with the U.K. Financial Conduct Authority (FCA) resulting from a failure to properly detect market abuse activities. Introduced in 2016, the Market Abuse Regulation (MAR) created requirements to monitor for insider dealing, unlawful Read More
The Federal Reserve Board on Aug. 15 published final guidance for evaluating access requests to Federal Reserve Banks accounts and payment services. According to the Federal Reserve Board’s guidance, institutions offering new types of financial products or with novel charters—such as cryptocurrency firms— have grown in recent years, and many Read More
The Consumer Financial Protection Bureau (CFPB) on Aug. 10 issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection laws. Traditionally, those who fall under the regulatory umbrella of the Consumer Financial Protection Act (CFPA), referred to under the law Read More
The U.S. Consumer Financial Protection Bureau (CFPB) on July 28 ordered U.S. Bank to pay a $37.5 million penalty to compensate harmed consumers after the bank illegally accessed customers’ credit reports and associates opened checking and savings accounts, credit cards, and lines of credit without their customers’ permission. The violations Read More
The Securities and Exchange Commission settled charges against J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities for deficiencies in their programs to prevent customer identity theft, in violation of the SEC’s Identity Theft Red Flags Rule (Regulation S-ID). The SEC’s orders find that each firm violated Rule 201 of Read More
Equitable Financial Life Insurance Co. agreed to pay a $50 million civil penalty, which will be distributed to harmed investors, to settle charges that it provided misleading account statements to about 1.4 million investors. The Securities and Exchange Commission, which pursued the fraud case, said that the statements included materially Read More
Bank of America has been ordered to pay $225 million in civil penalties and redress to harmed consumers for engaging in abusive practices when it denied consumers access to unemployment benefits on prepaid debit cards at the height of the COVID-19 pandemic. In a separate case, Bank of America is Read More
The Commodity Futures Trading Commission issued two separate orders on July 5, simultaneously filing and settling charges against two separate swap dealers for failing to comply with their reporting obligations in violation of the Commodity Exchange Act (CEA) and CFTC regulations. In the first action, the CFTC ordered BNP Paribas, Read More
