FinTech firm LendingClub has agreed to pay $18 million in a settlement with the Federal Trade Commission for deceiving loan applicants about hidden fees that its compliance department allegedly warned it about.
Kyle Brasseur
Posted inUncategorized
Disney general counsel to step down at end of year
Alan Braverman, Disney’s top legal officer since 2003, is planning to step down at the end of the year when his contract runs out.
Posted inRegulatory Enforcement
SEC examinations head Peter Driscoll to depart
The Securities and Exchange Commission announced Peter Driscoll, the director of the Division of Examinations (formerly OCIE), will leave the agency in August.
Posted inAccounting & Auditing
Cherry Bekaert audit partner facing SEC scrutiny over MiMedx fraud case
The Securities and Exchange Commission is considering whether to pursue enforcement against a certified public accountant for his alleged role in an accounting fraud case the agency brought against biotech company MiMedx Group.
Posted inRegulatory Enforcement
TIAA subsidiary to pay $97M over wealth advisory sales practices
A subsidiary of the Teachers Insurance and Annuity Association of America has agreed to pay $97 million to settle charges of inaccurate and misleading statements and failing to adequately disclose conflicts of interest regarding employer-sponsored retirement plans.
Posted inRegulatory Enforcement
New-look FTC to test compliance with aggressive approach?
The Federal Trade Commission under new Chair Lina Khan is wasting no time in restoring its power to reshape rulemaking and enforcement, but doing so without proper time for public input is an early cause for concern.
Posted inEthics & Culture
Binance enhancing compliance after recent U.K. ban
The CEO of cryptocurrency platform Binance touted the company’s growing commitment to compliance after one of its units was banned from operating in the United Kingdom.
Posted inRisk Management
FinCEN puts financial institutions on notice with first AML/CFT priorities
The Financial Crimes Enforcement Network tipped its hand at changes ahead for the Bank Secrecy Act in announcing the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism.
Posted inRegulatory Enforcement
JPMorgan subsidiary to pay $2.75M for operating as unregistered broker-dealer
Neovest, a subsidiary of JPMorgan Chase, agreed to pay $2.75 million as part of a settlement with the Securities and Exchange Commission for operating as an unregistered broker-dealer.
Posted inRegulatory Enforcement
SEC tabs New Jersey AG Gurbir Grewal as enforcement head
The SEC announced the appointment of New Jersey Attorney General Gurbir Grewal as director of its Enforcement Division. He is the second individual to be named to the position in three months after the first pick resigned.
