A former Wells Fargo risk officer previously ordered to pay $10 million by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) for her alleged role in the bank’s “fake accounts” scandal is completely off the hook, according to an OCC consent order issued Tuesday.
Adrianne Appel
Adrianne Appel writes regulatory news, policy, and trends for Compliance Week. She previously reported about policy developments for Bloomberg Law and Bloomberg Government.
Email: adrianne.appel@complianceweek.com
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Posted inCybersecurity, Regulatory Policy
NYDFS rolls out new guidance for firms about cybersecurity and third-parties
The New York State Department of Financial Services (NYDFS) wants financial firms to step up their game when it comes to third parties and cybersecurity.
Posted inRegulatory Enforcement
NY auto insurers on the hook for $19M for cybersecurity violations
Eight auto insurers failed to meet the requirements of New York’s cybersecurity regulations during widespread online attacks in 2021 and will pay $19 million under consent orders with the New York State Department of Financial Services (NYDFS).
Posted inRegulatory Enforcement
Smartmatic faces DOJ charges amid allegations of election contract bribes
Three executives of a multinational voting machine company in the crosshairs of President Donald Trump since 2020 have been indicted in Florida by the U.S. Department of Justice for allegedly paying $1 million in bribes to the Philippines top election official.
Posted inFinancial Services
Nasdaq: A majority of financial firms plan to use AI in compliance this year
About 36 percent of financial firms are using artificial intelligence in compliance, and most firms intend to ramp up their reliance on AI in compliance in the next 12 months, according to a new survey by Nasdaq.
Posted inRegulatory Enforcement
Former startup CEO gets 7 years in prison for $175M fraud against JPMorgan Chase
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail. Javice, who started and operated the college financial aid company Frank, convinced JPMC that Frank had 4.25 million […]
Posted inRegulatory Enforcement
Georgia Tech to pay $875,000 for allegations brought by compliance officers
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said. “Defense contractors’ adherence to their cybersecurity obligations is essential to safeguarding sensitive government information from malicious actors,” U.S. Attorney Theodore […]
Posted inData Privacy
Tractor Supply Company will pay $1.35M fine for alleged California privacy violations
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
Posted inRegulatory Policy
With federal health care enforcement actions, it’s all systems go
While the Trump administration may have shifted away from pursuing small, white-collar, financial crimes, its focus on health care fraud cases is as hot as ever.
Posted inFinancial Services
FinCEN seeks to cut back anti-money laundering rules on casinos, non-banks
Regulatory relief from anti-money laundering rules is in the cards for casinos, insurance companies and other non-bank financial institutions, the U.S. Treasury Department’s Treasury’s Financial Crimes Enforcement Network (FinCEN) said Monday.