- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-10-03T20:11:00
Discover Financial Services disclosed it avoided a monetary penalty in agreeing to a consent order with the Federal Deposit Insurance Corporation (FDIC) over alleged compliance shortcomings at its subsidiary bank.
Discover Bank agreed to improve its consumer compliance management system and enhance corporate governance, enterprise risk management, and board oversight, the company disclosed Friday.
Discover noted potential monetary penalties from the FDIC or other regulators over card product misclassification allegations disclosed in August are still pending.
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The American branch of South Korea-based Shinhan Bank agreed to pay $25 million across settlements with three separate regulators for admitted violations of the Bank Secrecy Act and anti-money laundering requirements.
Discover Financial Services faces a class-action lawsuit from investors alleging materially false and misleading statements regarding its business, operations, and compliance policies.
Discover Financial Services is “paying the price” for underinvesting in compliance over the past several years and has been ramping up spending and hiring to catch up, two senior executives said in a call with analysts.
First Horizon Advisors will pay a $325,000 fine to settle allegations from the Securities and Exchange Commission that it violated Regulation Best Interest in part due to issues with incorporating a merged firms’ accounts into its systems.
Gatekeepers including chief financial officers and the chair of the audit committee have a responsibility to shareholders to report fraud wherever they find it–especially when that fraud involves an artificial intelligence tool meant to combat fraud.
Fines for off-channel communications use by employees just keep on coming, with 12 municipal advisory firms fined a total of $1.3 million in the latest Securities and Exchange Commission sweep.
