News & Analysis as of

Financial Institutions Civil Monetary Penalty

Orrick, Herrington & Sutcliffe LLP

CFPB terminates its consent order with a credit union

On July 18, the CFPB terminated a consent order against a credit union after confirming that the credit union fulfilled “certain obligations” under the original consent order, including paying a $1.5 million civil money...more

Goodwin

CFPB Terminates Consent Order Against Credit Union

Goodwin on

On July 21, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it had terminated its October 2024 consent order with a Florida-based credit union....more

Sheppard Mullin Richter & Hampton LLP

CFPB Terminates Two Consent Orders Addressing Overdraft Fees and Mortgage Servicing Violations

On July 1, the CFPB terminated two separate consent orders, one involving a federal credit union and the other involving a national mortgage servicer. Both orders stemmed from 2024 enforcement actions and involved alleged...more

Orrick, Herrington & Sutcliffe LLP

CFPB terminates consent order against mortgage servicer

On July 1, the CFPB announced that it terminated a consent order against a mortgage servicer after finding that the company had “fulfilled several obligations,” including payment of a $2 million civil money penalty and $3...more

Orrick, Herrington & Sutcliffe LLP

New York attorney general obtains $250K in CFPB’s dropped case

On June 16, the New York attorney general settled a civil action against a remittance provider in a case dropped by the CFPB earlier this year, which as previously covered by InfoBytes, left the State of New York as the sole...more

Troutman Pepper Locke

Major OFAC Penalty for US Venture Capital Fund – Key Takeaways

Troutman Pepper Locke on

On June 12, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed a civil penalty of approximately $216 million on GVA Capital Ltd., a venture capital firm based in San Francisco, for...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses redlining case after asserting payments were made

On May 21, the CFPB and DOJ successfully filed a motion to dismiss with prejudice a case in the U.S. District Court for the Western District of Tennessee after noting the defendant paid its penalties. The dismissal ended a...more

Orrick, Herrington & Sutcliffe LLP

CFPB reduces civil money penalty by nearly 98 percent against fintech

On May 15, the CFPB issued an amended consent order against a fintech company for alleged violations of various consumer financial protection laws. As previously covered by InfoBytes, the CFPB sued the fintech company in...more

McGuireWoods LLP

States May Not Obtain Civil Money Penalties Under the Consumer Financial Protection Act

McGuireWoods LLP on

There has been much speculation that States will fill the void created by the Trump Administration’s drastic scaling back of the Consumer Financial Protection Bureau. Congress authorized both state attorneys general and state...more

Orrick, Herrington & Sutcliffe LLP

District court approves CFPB’s $43M penalty against company owner

On May 1, the U.S. District Court for the Northern District of Illinois approved the CFPB’s request for restitution and a civil monetary penalty against a defendant for violations of the CFPA and the Telemarketing Sales Rule....more

Orrick, Herrington & Sutcliffe LLP

Fed announces two enforcement actions against banks

On March 20, the Fed announced two enforcement actions against banks last month. On February 24, the Fed issued a civil money penalty order against a state member bank in Hawaii. That bank agreed to pay a $15,500 penalty for...more

Orrick, Herrington & Sutcliffe LLP

FDIC releases December 2024 enforcement actions

On January 31, the FDIC released a list of 18 administrative enforcement actions taken against banks and individuals in December 2024. The public orders comprised 14 stipulated orders and written agreements (and one...more

Orrick, Herrington & Sutcliffe LLP

CFPB, OCC update their maximum civil money penalties

Recently, the CFPB and the OCC announced changes to their maximum civil money penalties published in the Federal Register to adjust for inflation as federal law requires. This year, the OCC’s changes affect penalties for...more

Proskauer Rose LLP

Top 10 Whistleblowing and Retaliation Events of 2024

Proskauer Rose LLP on

Following our annual tradition — which started over a decade ago — we are analyzing the year's 10 most significant whistleblower and retaliation events. As you'll see, in 2024, actions taken by a range of courts and...more

Foodman CPAs & Advisors

TD Bank gets $1.3 Billion Penalty from FinCEN

On 10/10/24, FinCEN assessed a record $1.3 billion penalty against TD Bank for BSA violations. This unprecedented penalty should function as a cautionary message and a warning to all financial institutions. All financial...more

Adams & Reese

CTA Deadline is Fast Approaching: Is Your Business Ready to Report Ownership Information by Jan. 1, 2025?

Adams & Reese on

Halloween is next week, the Presidential Election is in two weeks, the Thanksgiving turkey will be in the oven in about a month, and Santa Claus is coming down the chimney in two months....more

Orrick, Herrington & Sutcliffe LLP

Banks each pay $1M to FDIC for unspecified rewards program issue

Recently, the FDIC ordered two affiliated state nonmember banks to each pay a $1,000,000 civil monetary penalty (orders here and here). These penalties resolve claims of unfair practices related to their rewards programs and...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Whistleblower Update: SEC, DOJ Still Focusing on Employment Agreements and Written Policies, Off-Channel Communications

The U.S. Securities and Exchange Commission (SEC) brought more actions targeting regulated entities for recordkeeping violations related to employees using noncompany communications platforms, and both the SEC and the U.S....more

Mayer Brown

UK Government Launches Office of Trade Sanctions Implementation to Enforce UK Trade Sanctions

Mayer Brown on

On 12 September 2024, the UK Government published the regulatory framework providing the scope and powers of the Office of Trade Sanctions Implementation (OTSI), the authority responsible for the implementation and...more

DarrowEverett LLP

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

DarrowEverett LLP on

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

K&L Gates LLP

SEC Enforcement Targets Anti-Whistleblower Practices in Financial Firm's Release Agreements With Retail Clients

K&L Gates LLP on

As the year gets underway, the Securities and Exchange Commission (SEC or Commission) is continuing its ongoing enforcement efforts to target anti-whistleblower practices by pursuing a broader range of entities and...more

King & Spalding

ICBC Settles AML/BSA and CSI Matters with DFS, Fed: Three Take-Aways

King & Spalding on

AML Developments - What You Need to Know - Earlier this month, the New York State Department of Financial Services (“DFS”) and the Federal Reserve Board of Governors (“FRB”) announced settlements with the Industrial and...more

Davis Wright Tremaine LLP

CFTC Division of Enforcement, FY 2023: A Year in Review and Looking Ahead

On November 7, 2023, the Division of Enforcement ("Division") of the United States Commodity Futures Trading Commission ("CFTC") released its annual report of the results of its enforcement efforts, announcing that it had...more

A&O Shearman

UK Russia sanctions: back in the spotlight

A&O Shearman on

Sanctions and the systems and controls companies have in place to comply with them seem to be back in the spotlight. In addition to guidance recently published by the UK Financial Conduct Authority, a number of recent...more

Pillsbury Winthrop Shaw Pittman LLP

The Corporate Transparency Act: Beneficial Ownership Information Reporting Checklist

The Corporate Transparency Act requires a broad range of entities to file a report with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) identifying those who own, control and formed the...more

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