SEC Chairman Jay Clayton will step down from his post at the end of the year, allowing the Biden administration to choose his successor immediately upon taking over the White House.
Aaron Nicodemus
Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass.
Email: aaron.nicodemus@complianceweek.com
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Posted inRegulatory Enforcement
Even with divided Congress, Wall Street should brace for Biden presidency
Should Republicans hold on to their majority in the Senate, President-elect Joe Biden could still find ways to pass sweeping economic legislation during his first term.
Posted inEurope
Ticketmaster UK fined $1.6M under GDPR for 2018 data breach
The U.K. Information Commissioner’s Office fined Ticketmaster £1.25 million (U.S. $1.6 million) for its failures relating to a 2018 data breach by a third party.
Posted inBoards & Shareholders
COSO report: Elevating compliance leads to more informed decision-making
Many compliance departments are not independent, but instead report to other departments. COSO recommends compliance be separated out into its own division, led by a chief compliance officer with an executive-level position.
Posted inRisk Management
OCC report: Banks sound, but compliance risks elevated amid pandemic
The U.S. banking industry is stable nearly nine months into the coronavirus pandemic, but the OCC warns of increased risks for banks seeking to comply with the Bank Secrecy Act and consumer protection and fair lending requirements.
Posted inRegulatory Enforcement
CFPB under Biden will likely get new director, new direction
The Consumer Financial Protection Bureau is likely to revert to its more aggressive, Obama-era version of itself under a Biden administration.
Posted inData Privacy
California voters approve creation of new state agency to enforce CCPA
California voters approved a ballot measure that will add new layers of responsibility for businesses attempting to comply with the state’s first-in-the-nation data privacy law, the California Consumer Privacy Act.
Posted inWhistleblowers
FY record already in sight as SEC issues $28M whistleblower award
A $28 million whistleblower award announced Tuesday is the latest in an unprecedented stretch that has the SEC within reach of surpassing the record award total set in fiscal year 2020 just five weeks into FY2021.
Posted inRisk Management
New bank resiliency guidance tackles cyber-risk, pandemic planning
Federal banking regulators have released new operational resiliency guidance aimed to strengthen risk management around technology-based failures, cyber-incidents, pandemic outbreaks, natural disasters, and more.
Posted inAnti-Bribery
Airline Services Ltd to pay $3.9M, agrees to DPA in bribery case
The U.K.’s Serious Fraud Office has levied penalties worth nearly £3 million (U.S. $3.9 million) against defunct aircraft refurbishing company Airline Services Limited for violating the country’s anti-bribery laws.
