CFPB sues Capital One over 'cheating' customers on savings account interest rates
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
White House, BIS attempt to strengthen AI chip export controls in final days of Biden presidency
In tandem with the Commerce Department’s Bureau of Industry and Security, the Biden administration issued a new rule on export controls of domestically produced artificial intelligence chips.
Robinhood to pay $45M fine to settle securities law violations by broker-dealers
Robinhood, a disruptive force in the market for Main Street investors but also a serial offender of securities laws, will pay a total of $45 million to settle numerous violations of SEC rules and regulations by two of its broker-dealers.
New CFPB payment privacy rule on the way for gaming companies, cryptocurrencies, Big Tech
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
Broker-dealer BMO Capital Markets to pay $41M to settle trade supervision lapses
A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.
CCC names Cambridge University Press & Assessment GC to board
Copyright Clearance Center announced the election of Catie Sheret, general counsel for Cambridge University Press & Assessment to its board of directors.
Corebridge Financial adds GC
Corebridge Financial announced that Polly Klane will join the company as general counsel in February.
Falvey Insurance Group names CRO
Falvey Insurance Group announced the appointment of Eric Newman as chief risk officer.
Cannabis company dinged by SEC over ‘round-trip’ transfer to inflate year-end cash
A cannabis company agreed to pay $225,000 to settle allegations that funds were temporarily deposited into its year-end accounts for the sole purpose of inflating year-end cash, the Securities and Exchange Commission said.
Experian failed to correct flawed financial data about consumers, CFPB complaint alleges
Experian, the credit reporting giant, let compliance slide when it came to addressing consumer complaints about incorrect data, the Consumer Financial Protection Bureau said in a lawsuit against the credit agency.
Welltower names legal chief
Real estate investment trust Welltower announced that Matthew McQueen has been appointed chief legal officer after previously serving as executive vice president – general counsel.
Goya Foods appoints new GC
Goya Foods announced the appointment of Jesús Vázquez as its new general counsel.
Tyler Technologies names new legal chief
Tyler Technologies announced that Bill Van Asselt has been promoted to chief legal officer and assumes direct leadership of the legal team.
APA Corporation adds legal chief
APA Corporation, which owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom, has named Kimberly Warnica to the position of executive vice president and chief legal officer, effective Jan. 13.
Goldman Sachs names CRO
The Goldman Sachs Group announced the appointment of Alex Golten as chief risk officer of the firm.
Incline P&C Group appoints risk chief
Incline P&C Group, a property and casualty insurance program market services firm, announced the appointment of Sheel Patel as chief risk and strategy officer.
Stratus Financial announces CRO
Stratus Financial announced the appointment of Sajal Agarwal as the company’s new chief risk officer.
Paxos compliance head joins Guidepost Solutions as managing director
Business services and consulting company Guidepost Solutions announced the appointment of Paxos Head of Compliance Gabriel Hidalgo as managing director.
CFPB rule bans lenders from using medical debt in credit report determinations
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.
SkyGeek dinged by OFAC for completing orders, refunds with sanctioned Russian firms
Nearly three years after Russia invaded Ukraine, numerous U.S. sanctions imposed on Russia-based companies connected to the war effort have made doing business in the country fraught with unseen risks, as one U.S. airplane parts distributor learned recently.
Berkshire Hathaway mortgage unit led mobile home buyers needlessly into foreclosure, CFPB says
A Berkshire Hathaway unit that is a major lender to people buying mobile homes intentionally failed to qualify borrowers, the Consumer Financial Protection Bureau alleged in a complaint. As a result, many families ultimately lost their homes and sank into debt, echoing a series of events that helped power the ...
FINRA ends year with string of fines against Jefferies, UBS, Citi, Barclays
The Financial Industry Regulatory Authority issued fines against four large banks to end 2024, all for different alleged misconduct, but all related to the firms’ failures to implement a supervisory system reasonably designed to achieve compliance with FINRA rules.
Data analytics in compliance: Time to get started, or expand, in 2025
Launching or expanding a corporate data analytics program for compliance can seem like a daunting task, but it is one worth adding to your to-do list in 2025.
Russian-Israeli LockBit developer to be extradited to U.S. for extorting $500M
An alleged software mastermind of the notorious LockBit ransomware group will soon be extradited to the United States to stand trial on charges that his criminal enterprise extorted at least half a billion dollars from victims worldwide, including U.S. businesses and hospitals, the Department of Justice said.
Top 5 risks for 2025: U.S. uncertainty, global trade war, digital attacks
A prominent risk management firm has issued its predictions for the top five risks for business in 2025, along with guidance for how organizations should prepare and respond.
Synovus names former Fidelity risk chief to board
Synovus Financial Corp appointed Greg Montana, former executive vice president and chief risk officer of Fidelity National Information Services, to its board of directors, effective Jan. 1.
Banzai appoints chief legal officer
Marketing technology company Banzai International announced the appointment of Nancy Norton as chief legal officer.
Surf Air Mobility names ex-legal chief to board
Surf Air Mobility announced the appointment of David Anderman, who served as chief legal officer of the company from June 2023 to May 2024, to its board of directors.
Upstream Bio appoints GC
Upstream Bio, a clinical-stage company developing treatments for inflammatory diseases, with an initial focus on severe respiratory disorders, announced that the company has appointed Allison Ambrose, J.D. as general counsel.
Huron appoints general counsel
Global professional services firm Huron announced that it has promoted Hope Katz to executive vice president, general counsel, and corporate secretary, effective Jan. 1.
St. Louis Fed names general counsel
Federal Reserve Bank of St. Louis announced that Jennifer Haynes, currently vice president and deputy general counsel, will be promoted to senior vice president, general counsel and corporate secretary, effective Jan. 1.
HCA Healthcare names ethics, compliance chief
HCA Healthcare announced that Wendy Warren has been appointed senior vice president and chief ethics and compliance officer, effective Mar. 3.
Rytr agrees to halt fake AI review service in settlement with FTC
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Five more compliance triumphs of 2024
Whether you’re a multinational telecommunications company looking to certify your anti-corruption program post-settlement, or a biochemical company victimized by a “rogue” employee, seeing the light at the end of the enforcement tunnel isn’t always easy.
AAR Corp. to pay $56M to settle FCPA violations in Nepal, South Africa
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
CFPB sues big banks behind money transfer app Zelle over lax oversight, fraud
JPMorgan Chase, Wells Fargo Bank, Bank of America, and the company behind online money transfer app Zelle were sued by the Consumer Financial Protection Bureau for allegedly failing to safeguard Zelle’s network and causing customers to lose $870 million, the CFPB alleged.
OCC hits USAA with third order in five years; places limits on new services, products, membership
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
NPT names Susan Thompson Buffett Foundation GC to trustees’ board
National Philanthropic Trust announced the appointment of Tamara Watts, vice president, legal and general counsel for The Susan Thompson Buffett Foundation, to its board of trustees.
Succession Resource Group welcomes new GC
Succession Resource Group, a consulting firm specializing in wealth management business valuations, employment solutions, succession planning, and M&A transactions, announced the appointment of Todd Fulks as general counsel.
Formic names first GC
Formic, which specializes in robotics, industrial automation, and manufacturing, announced the addition of Todd Plotner as the company’s first general counsel.
NewMarket expands GC’s role
NewMarket Corporation announced that Bryce Jewett III has been elected executive vice president and general counsel, effective Jan. 1.
Kashiv BioSciences announces global CLO
Kashiv BioSciences announced the appointment of Ross Oehler as global chief legal officer.
Vise announces legal chief, GC
Vise, a technology-driven investment management platform, announced the appointment of Kamal Jafarnia as chief legal officer and general counsel.
Koppers appoints legal, sustainability chief
Koppers Holdings, an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, today announced the election of Stephanie Apostolou as chief legal and sustainability officer and secretary.
Dana Incorporated names Otis’ GC to board
Dana Incorporated, which engineers, manufactures, and distributes power-conveyance and energy-management solutions for vehicles, announced that Nora LaFreniere, executive vice president and general counsel of Otis Worldwide Corporation, has been appointed to the company’s board of directors.
Flagstar Financial names Liberty GC to board
Flagstar Financial announced the appointment of Brian Callanan, senior managing director and general counsel at Liberty Strategic Capital, to its board of directors.
Thumbtack appoints chief legal officer
Technology company Thumbtack announced the addition of Susan Rammelt as chief legal officer.
Becton Dickinson pays $175M for misleading investors about flawed IV pump system
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
Condé Nast appoints GC
Condé Nast announced the appointment of Antonious Porch as general counsel.
Shutts & Bowen partner named GC of Republican National Lawyers Association
Business law firm Shutts & Bowen announced that its Tallahassee Office Managing Partner, Benjamin Gibson, was appointed general counsel of the Republican National Lawyers Association.