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Risk Management Consent Order

Sheppard Mullin Richter & Hampton LLP

OCC Enters Consent Orders Against New York-based Bank

On May 14, the OCC entered into a formal agreement with a New York-based bank after determining that the institution is in “troubled condition.” In its findings, the OCC cited alleged unsafe or unsound practices tied to the...more

K2 Integrity

So You Received A Consent Order—How To Effectively Remediate Compliance Gaps

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A swift and effective response to a consent order is critical to demonstrating your firm’s commitment to complying with regulatory standards. Building a team that ensures all relevant stakeholders are involved and informed,...more

K2 Integrity

So You’ve Received A Consent Order—Now What?

K2 Integrity on

If your firm has been subject to a regulatory enforcement action or received a consent order, responding to a consent order swiftly and strategically is essential. Regulators expect a clear plan that shows your firm...more

Sheppard Mullin Richter & Hampton LLP

FDIC and Maryland End Joint Consent Orders Against Regional Bank

On April 7, the FDIC and the Maryland Office of Financial Regulation terminated two consent orders against a regional bank headquartered in Maryland. The termination concludes joint federal and state enforcement actions that...more

Troutman Pepper Locke

Strengthening Compliance: Lessons From the OCC's Consent Order With Patriot Bank — Payments Pros – The Payments Law Podcast

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In this episode of Payments Pros, host Carlin McCrory discusses a recent consent order between Patriot Bank and the Office of the Comptroller of the Currency (OCC) following a $27 million loss. The order addresses unsafe...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Hazardous Waste Enforcement: Alabama Department of Environmental Management and Marshall County Specialty Tank Manufacturer Enter...

The Alabama Department of Environmental Management (“ADEM”) and Pinnacle Manufacturing, LLC (“Pinnacle”) entered into a March 5th Consent Order (“CO”) addressing alleged violations of the Alabama Hazardous Waste regulations....more

Orrick, Herrington & Sutcliffe LLP

California DFPI mandates cybersecurity overhaul in credit union consent order

On February 4, the California DFPI announced a consent order issued against a credit union (respondent) following a significant cybersecurity breach. This breach, a ransomware attack, allegedly led to the shutdown of various...more

Troutman Pepper Locke

Launching a Product Too Soon? Lessons From Recent CFPB Orders — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, host Chris Willis and guest Joe Reilly delve into recent CFPB consent orders that penalize financial services companies for allegedly launching products before they were fully...more

Goodwin

Supervisory Experience and Enforcement Actions Continue to Drive Supervisory Priorities and Policy Development

Goodwin on

This article identifies themes we have observed in recent public formal enforcement actions issued to institutions by the US federal bank regulatory agencies (Agencies) — the Board of Governors of the Federal Reserve System...more

Ballard Spahr LLP

Recent FDIC Consent Orders Reflect Ongoing Scrutiny of Bank Relationships with Fintechs

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In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness concerns relating...more

Troutman Pepper Locke

FDIC Announces Two More Consent Orders Containing Third-Party Risk Management and Fintech Partnership Orders

Troutman Pepper Locke on

On March 29, the Federal Deposit Insurance Corporation (FDIC) announced two more consent orders containing provisions relating to banks’ third-party risk management programs with respect to banking as a service (BaaS)...more

Ballard Spahr LLP

Congressional Representatives Express Concern Regarding FDIC’s Regulation of FinTech Firms and Financial Innovation

Ballard Spahr LLP on

On February 2, 2024, three Republican members of the House Financial Services Committee sent a letter to Federal Deposit Insurance Corporation (“FDIC”) Chair Martin Gruenberg expressing concern regarding what the congressmen...more

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - December 2024

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Adams & Reese

FDIC Sends Clear Message in Recent Enforcement Action: BaaS/Fintech Partnerships are a High-Risk Compliance Area

Adams & Reese on

Last month, the Federal Deposit Insurance Corporation (“FDIC”) took action against a bank for alleged unsafe or unsound banking practices. This, in and of itself, is not usual or newsworthy. What is unusual and newsworthy,...more

Jackson Lewis P.C.

NYSDFS Fines Lender and Mortgage Servicer $4.25M for Cybersecurity Failures Including Vendor Management

Jackson Lewis P.C. on

Yesterday, New York’s Department of Financial Services (“DFS”) announced another enforcement action under the state’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. Part 500 (“Reg 500”). According...more

ArentFox Schiff

Managing Third-Party Risk: Recent FCPA Action Reflects Government’s Continued Focus on Intermediaries

ArentFox Schiff on

Amec Foster Wheeler Energy Limited (the Company), a subsidiary of John Wood Group plc (Wood), a United Kingdom-based global engineering company, agreed to pay more than $41 million in penalties and disgorgement for alleged...more

Wiley Rein LLP

Wiley Consumer Protection Download (June 7, 2021)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

SEC Adopts Broad Exempt Offering Reforms

Goodwin on

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

Balch & Bingham LLP

OCC Issues $400 Million Civil Penalty in Consent Order with Citibank Over Risk and Data Governance

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On October 7, 2020, The Office of the Comptroller of the Currency (“OCC”) announced that it had assessed a $400 million civil penalty against Citibank, N.A. regarding alleged deficiencies in it enterprise-wide risk management...more

ArentFox Schiff

Investigations Newsletter: Investment Bank Fined $400 Million For Failing to Remediate Deficiencies in its Risk Management Systems

ArentFox Schiff on

Investment Bank Fined $400 Million For Failing to Remediate Deficiencies in its Risk Management Systems - On October 7, the Federal Reserve Board and Office of the Comptroller of the Currency issued a consent order...more

Goodwin

SEC Charges Trust Company With Operating Unregistered Investment Companies

Goodwin on

SEC Charges Trust Company with Operating Unregistered Investment Companies and Failing to Register Securities Offerings. On September 30, the Securities and Exchange Commission (SEC) announced it had settled charges with...more

Sunstein LLP

Twenty Years Under the Microscope: A Small Business, a Data Breach and the FTC

Sunstein LLP on

James Grago has a nice business going. He runs a website called ClixSense.com that permits users to earn money by completing surveys and watching advertisements. Revenues grew from $6.7 million in 2015 to $9.1 million in...more

Fenwick & West LLP

FTC Toughening Stance on Data Security – Five Key Takeaways from Recent Consent Orders

Fenwick & West LLP on

The Federal Trade Commission is putting more teeth into the multiyear compliance obligations of consent orders it enters into with companies to settle enforcement actions related to data breaches. The FTC recently issued a...more

The Volkov Law Group

Federal Reserve Hits Wells Fargo with Unprecedented Enforcement Action (Part I of II)

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In an extraordinary action, with significant ramifications for the financial industry, the Federal Reserve recently announced a series of enforcement actions against Wells Fargo....more

Goodwin

Financial Services Weekly News - June 2017 #2

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Editor's Note - Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more

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