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Settlement Penalties Financial Services Industry

Ballard Spahr LLP

CFPB reaches settlement with FirstCash in connection with alleged MLA Violations

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The CFPB has reached a settlement in its lawsuit against FirstCash, Inc. and its 19 subsidiaries alleging violations of the Military Lending Act (MLA). The parties have jointly filed a stipulated final judgment and proposed...more

Sheppard Mullin Richter & Hampton LLP

CFPB Orders Pawn Lender to Pay $9 Million for Alleged Military Lending Act Violations

On July 11, 2025, the Consumer Financial Protection Bureau (CFPB) announced a proposed $9 million settlement resolving its November 2021 lawsuit against a national pawn lender and its subsidiaries. The company and its...more

A&O Shearman

ESMA publishes technical advice on scope of CSDR settlement discipline regime

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The European Securities and Markets Authority (ESMA) has published a final report and press release, providing technical advice to the European Commission (EC) on narrowing the scope of the Central Securities Depositories...more

Orrick, Herrington & Sutcliffe LLP

FTC requires company to pay $10M for alleged UDAP violations related to money transmission

On June 20, the U.S. District Court for the Northern District of Illinois entered a stipulated order for injunction and monetary judgment, requiring a retail corporation, which provides financial services, to pay $10 million...more

Ballard Spahr LLP

FTC seeks to ban Blackstone Legal from debt collection business

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A debt collector company, Blackstone Legal, its associated companies and its owners, Ryan and Mitchell Evans, are facing a permanent ban from the debt collection business as a result of an FTC lawsuit charging that they...more

Ropes & Gray LLP

The FCA Has Revamped its Enforcement Guide – Here’s What You Should Know

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On Tuesday the UK’s Financial Conduct Authority (FCA) issued an updated version of its Enforcement Guide, which will now be referred to as ‘ENFG’ in the FCA Handbook, to distinguish it from the previous version. The ENFG is...more

Ballard Spahr LLP

FTC enters into stipulated order to permanently ban Global Circulation, and its owner, from debt collection industry

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Alleging that Global Circulation, Inc. (GCI) threatened consumers with jail time, lawsuits, and wage garnishments to pressure them into paying debts they did not owe, the FTC entered into a stipulated order with GCI and its...more

Akin Gump Strauss Hauer & Feld LLP

CFTC Acting Chair Caroline D. Pham Announces CFTC’s 30-Day Enforcement Sprint

On February 25, 2025, the U.S. Commodity Futures Trading Commission (CFTC) released an enforcement advisory regarding the impact of self-reporting, cooperation and remediation in enforcement cases (the “Enforcement...more

ArentFox Schiff

SEC Cracks Down on Unregistered Broker-Dealers

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StraightPath Venture Partners, LLC and PMAC Consulting have recently reached settlements with the US Securities and Exchange Commission (SEC) following SEC enforcement actions against them....more

Bradley Arant Boult Cummings LLP

The False Claims Act in 2024: A Government Enforcement Update

This past year, the False Claims Act (FCA) continued to be a key tool for the Justice Department and whistleblowers to bring suits against companies, including those in the financial services sector. The Justice Department...more

Akin Gump Strauss Hauer & Feld LLP

“Under the Wire” E-Comms Settlements: More Confusion Than Closure

On January 13, 2025, the U.S. Securities and Exchange Commission announced settled enforcement actions with five registered investment advisers for failing to maintain and preserve internal electronic communications. These...more

Bass, Berry & Sims PLC

International Trade Enforcement Roundup – November 2024

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You are reading the November 2024 Update of the Bass, Berry & Sims Enforcement Roundup, where we bring notable enforcement actions, policy changes, interesting news articles, and a bit of our insight to your inbox. -...more

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