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Dodd-Frank Wall Street Reform and Consumer Protection Act › Civil Monetary Penalty

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Holland & Knight LLP

CFPB Launches Additional Rulemaking, Procedural and Administrative Changes

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The CFPB has continued to announce additional procedural, rulemaking and administrative changes, with the latest being three postings to the Federal Register on June 18, 2025: 1) a final rule rescinding the Procedure Relating...more

Orrick, Herrington & Sutcliffe LLP

State attorneys general file second amicus brief challenging CFPB pause

Orrick, Herrington & Sutcliffe LLP on

On February 21, a group of 23 state attorneys general (AGs) filed an amicus brief in support of the union representing CFPB workers in the union’s request for a preliminary injunction challenging the recent efforts to halt...more

Ballard Spahr LLP

CFPB Adjusts Various Penalty Amounts Based on Inflation (UPDATED)

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The CFPB recently issued a rule to adjust maximum penalty amounts under various statutes that it administers. Included among the adjustments are the amounts for the three tiers of civil money penalties that the CFPB may...more

Benesch

Will Jarkesy Be a Fatal Blow to Civil Enforcement in Administrative Agency Proceedings?

Benesch on

The end of the Supreme Court’s recent term saw two major decisions in the field of administrative law: Loper Bright Enterprises v. Raimondo and Securities & Exchange Commission v. Jarkesy. The Loper Bright decision, which...more

Goodwin

U.S. Supreme Court Significantly Curtails SEC Enforcement Forum Discretion

Goodwin on

On June 27, 2024, the United States Supreme Court issued a much-anticipated decision in Securities and Exchange Commission v. Jarkesy, holding that parties subject to an enforcement action brought by the U.S. Securities and...more

BakerHostetler

Supreme Court Limits SEC Administrative Actions, Upholds Defendants’ Right to a Jury

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On Thursday, June 27, the Supreme Court, in a 6-3 decision, held that the Seventh Amendment entitles a defendant to a jury trial in instances where the SEC seeks civil penalties against that defendant for alleged securities...more

Ballard Spahr LLP

U.S. Supreme Court Deals Blow to SEC’s In-House Enforcement Powers

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In a 6-3 decision, the U.S. Supreme Court ruled that the administrative adjudication by the Securities and Exchange Commission (SEC) of securities fraud cases seeking civil penalties violates the Seventh Amendment right to a...more

Bracewell LLP

Supreme Court Declares SEC Lacks In-House Authority to Impose Civil Penalties

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The United States Supreme Court struck another major blow to the Securities Exchange Commission’s enforcement arsenal, finding that its oft-used practice of imposing monetary penalties in its in-house administrative...more

DarrowEverett LLP

Actions vs. J.P. Morgan, Monolith Serve as SEC Compliance Check Reminders

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The Securities and Exchange Commission (SEC) recently settled charges against J.P. Morgan Securities LLC (JPMS) for impeding hundreds of advisory clients and brokerage customers from reporting potential securities law...more

WilmerHale

CFTC Anti-Fraud and Anti-Manipulation Authority: A Focus on Intermediaries

WilmerHale on

The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), significantly expanded the Commodity Futures Trading Commission’s (“CFTC” or “Commission”) anti-fraud and anti-manipulation statutory...more

Ballard Spahr LLP

CFPB Adjusts Various Penalty Amounts Based on Inflation

Ballard Spahr LLP on

The CFPB recently issued a rule to adjust maximum penalty amounts under various statutes that it administers. Included among the adjustments are the amounts for the three tiers of civil money penalties that the CFPB may...more

Freiberger Haber LLP

Enforcement News: SEC Charges Investment Advisor With Violating Whistleblower Protection Rule

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We have often written about the SEC’s whistleblower program and, in particular, the success of the program with respect to detecting and preventing violations of the federal securities laws. The success of the program...more

Troutman Pepper Locke

FTC Fines Bankrupt Crypto Services Provider Celsius $4.7B for Misrepresentations; Regulatory Agency Remains in Search for Civil...

Troutman Pepper Locke on

Deceptive advertisements, market manipulation, misappropriation of customer funds, and “Ask Me Anything (AMA)” sessions served as the catalysts of a civil enforcement action the Federal Trade Commission (FTC) recently filed...more

Bracewell LLP

Fifth Circuit's Constitutional Carve-Back of the SEC's ALJ Enforcement Proceedings Likely to Lead to More Federal Court Cases

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On May 18, 2022, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) dealt a major blow to the U.S. Securities and Exchange Commission’s (“SEC”) enforcement program. In Jarkesy v. SEC, the Fifth...more

ArentFox Schiff

DOJ's New Civil Cyber-Fraud Initiative and How a Pending Case Could Test Its Efficacy

ArentFox Schiff on

The Department of Justice recently announced a new initiative that aims to hold government contractors accountable when they fail to meet required cybersecurity standards. In announcing the “Civil Cyber-Fraud Initiative” in...more

Cozen O'Connor

Lender Settles Allegations It Financed Loans With Deposits Collected From Consumers Using False Promises Of Guaranteed High...

Cozen O'Connor on

The Consumer Financial Protection Bureau (“CFPB”) reached a settlement with financial company Driver Loan, LLC and its Chief Operating Officer (collectively “Driver Loan”) to resolve allegations that it misled consumers with...more

Cozen O'Connor

Lender Allegedly Used Unlawful And Misleading Tactics To Market Reverse Mortgages

Cozen O'Connor on

The Consumer Financial Protection Bureau (“CFPB”) reached a settlement with reverse-mortgage lender Nationwide Equities Corporation (“Nationwide Equities”) to resolve allegations that it used false and misleading advertising...more

ArentFox Schiff

Joe Biden: Not Just President but Super-Superintendent of Insurance?

ArentFox Schiff on

In addition to dramatically changing the policies of former President Trump on the pandemic, the economy, immigration, and other key issues, the Biden Administration is likely to substantially increase the federal...more

Robins Kaplan LLP

Financial Daily Dose 1.31.2020 | Top Story: IBM CEO Ginni Rometty is Out After Eight Years at the Helm

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In a week that’s already seen plenty of C-suite shakeups, we’ve learned that Ginni Rometty is stepping down from her role as CEO at IBM. The company’s cloud computing chief, Arvind Krishna, will take over for her, though...more

BCLP

CFPB Provides Guidance on UDAAP Abusive Standard

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On January 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced a new policy regarding the prohibition on abusive acts or practices. The CFPB has clarified how it will define, supervise and enforce “abusive”...more

Buchalter

CFPB Further Defines Abusiveness Standard; Expresses Intent to Limit Duplicative Enforcement

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In a Policy Statement effective on January 24, 2020, the CFPB addresses perceived uncertainty as to the scope and meaning of the abusiveness standard, and that the CFPB had in various enforcement actions asserted claims for...more

ArentFox Schiff

Damages Under Dodd-Frank: Federal Court Awards CFPB $59 Million in Unprecedented Penalties and Restitution Analysis

ArentFox Schiff on

So much to say, so little time. Historically groundbreaking, a federal court in Madison, Wisconsin engaged in the most robust, methodical damages analysis under the Consumer Financial Protection Act, found in Title X of the...more

Proskauer - Whistleblower Defense

U.S. Senate Introduces Bill to Extend Dodd-Frank Whistleblower Protections

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On September 25, 2019, a bipartisan group of U.S. Senators introduced the Whistleblower Programs Improvement Act (the “Act”), which would extend anti-retaliation protections under the Dodd-Frank Act to internal complaints....more

Eversheds Sutherland (US) LLP

Legal Alert: DOJ and CFTC team up on spoofing enforcement

Eversheds Sutherland (US) LLP on

On September 16, 2019, the US Department of Justice (DOJ) indicted three precious metals traders for allegedly violating six criminal statutes, including the Racketeer Influenced and Corrupt Organizations Act...more

Bass, Berry & Sims PLC

SEC Grants Eligibility Waiver to Issue Whistleblower Award

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The Securities and Exchange Commission (SEC) recently awarded $3 million to joint whistleblowers despite concluding that the whistleblowers did not satisfy the technical eligibility requirements for receiving an award. See...more

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