A whistleblower received an $8 million award from the Commodity Futures Trading Commission for uncovering fraud—even though the agency deemed the whistleblower was culpable in the misconduct.
Regulatory Policy
Posted inRisk Management
SEC, CFTC actively probe off-channel comms violations, top officials say
Two senior officials from the Securities and Exchange Commission and Commodity Futures Trading Commission described how both agencies are committed to rooting out off-channel communications among registered entities for the long term.
Posted inData Privacy
Vermont governor vetoes privacy bill, legislature plans override vote
Vermont Republican Gov. Phil Scott vetoed a data privacy bill approved by the state’s Democrat-led legislature, which plans an override vote this week.
Posted inRegulatory Policy
Former SEC Chair William Donaldson dead at 93
William Donaldson, a former chairman of the Securities and Exchange Commission, died Tuesday. He was 93.
Posted inEthics & Culture
Biden nominates CFTC’s Goldsmith Romero to head FDIC
President Joe Biden selected a commissioner at the Commodity Futures Trading Commission as his preferred choice to lead the Federal Deposit Insurance Corporation in the aftermath of its toxic workplace culture scandal.
Posted inRegulatory Enforcement
BIS’s Axelrod makes plea to financial services: ‘We want to work with you’
Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.
Posted inEthics & Culture
CFTC’s Pham critical of agency stances on CCO liability, self-disclosure credit
Caroline Pham, a commissioner at the Commodity Futures Trading Commission, said compliance officers have a lot to worry about if they or their firms are subject to CFTC enforcement during her fireside chat at CW’s Financial Crimes Summit.
Posted inAccounting & Auditing
PCAOB Chair Williams appointed to second term
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Posted inRisk Management
OCC’s Hsu encourages banks to apply guardrails to AI use
Warning of an “eventual reckoning” on artificial intelligence use by financial institutions, the acting head of the Office of the Comptroller of the Currency said the industry should learn lessons on how similar disruptive technologies evolved from being helpful to dangerous.
Posted inData Privacy
Texas touts team ‘among the largest in the country’ to enforce privacy laws
The state of Texas forecasted “aggressive enforcement” of its upcoming data privacy law with the announcement of a dedicated team to oversee its implementation.