- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Consumer Financial Protection Bureau (CFPB) plans to expand its enforcement efforts to protect consumers from misuse of their personal data, which businesses collect and then use to make decisions on loans, credit, housing, employment, and more.
CFPB Enforcement Director Eric Halperin discussed the agency’s enforcement activities during a speech Thursday at a National Consumer Law Center conference. He noted his office will be adding 75 new full-time employees as part of its expansion.
Halperin said the agency’s enforcement efforts are ramping up in response to risks created by what he described as the “surveillance economy.”
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Toyota Motor Credit Corp. agreed to pay $60 million as part of a settlement with the Consumer Financial Protection Bureau addressing allegations of illegal lending and credit reporting misconduct.
The Consumer Financial Protection Bureau levied a $15 million fine against nonbank online lender Enova International for “widespread illegal conduct” that violated a previous agency order.
The Consumer Financial Protection Bureau is seeking greater authority to supervise the activities of companies that offer services like digital wallets and payment apps on par with how the agency oversees large banks, credit unions, and other financial institutions.
Nicole Argentieri, acting head of the Department of Justice’s Criminal Division, breaks down where Albemarle, Tysers Insurance Brokers, and H.W. Wood went right—and wrong—on the cooperation credit and remediation fronts as part of their FCPA settlements with the agency.
Pharmaceutical company Mallinckrodt, fresh out of its second bankruptcy, was spared having to pay a $40 million penalty levied by the Securities and Exchange Commission for alleged disclosure and accounting failures related to its underpaying of Medicaid rebates.
The Department of Justice will increase its efforts to build relationships and foster collaboration with its global counterparts to thwart bribery and corruption under a new strategy.
