Truist Bank has reached a settlement agreement with the United States government, agreeing to pay $9,125,000 to resolve allegations of misconduct in the administration of certain trust accounts. The settlement, announced on Monday, October 21, 2024, addresses claims under the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA).
The Securities and Exchange Commission's (SEC) Division of Examinations has released its examination priorities for the 2025 fiscal year. This annual publication aims to inform investors and registrants of potential risk areas that will be a focal point for the Division's oversight and compliance efforts in the coming year.
The UK's Financial Conduct Authority (FCA) has fined Volkswagen Financial Services (UK) Limited (Volkswagen Finance) £5.4 million for serious failures in how it treated customers facing financial hardship. The FCA found that Volkswagen Finance repeatedly fell short in fulfilling its obligations to support vulnerable consumers during times of personal financial difficulty.
The New York State Department of Financial Services (NYDFS) has issued extensive guidance addressing cybersecurity risks associated with artificial intelligence (AI) in the financial sector. Announced by Superintendent Adrienne A. Harris on October 16, 2024, this guidance marks a significant development in regulatory approaches to emerging technologies and cybersecurity.
The Office of the Comptroller of the Currency (OCC) has unveiled its latest round of enforcement actions for October 2024, cracking down on banks and individuals for a variety of compliance failures. This month’s actions cover a wide spectrum of issues, from severe violations in Bank Secrecy Act/Anti-Money Laundering (BSA/AML) programs to internal fraud by individual employees.
In response to the devastation caused by Hurricane Milton, the Office of the Comptroller of the Currency (OCC), along with the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, Florida Office of Financial Regulation, and the National Credit Union Administration (NCUA), has issued comprehensive guidance aimed at supporting financial institutions. While this is a collaborative interagency effort, the OCC's involvement is particularly critical for national banks and federal savings associations. This article delves into the OCC’s guidance and examines its implications for compliance and risk management in the aftermath of the hurricane.
Raytheon Company, a defense giant and subsidiary of RTX, has agreed to pay over $950 million to settle criminal and civil investigations by the Department of Justice (DOJ). The hefty settlement addresses the company’s involvement in fraudulent pricing schemes, violations of the Foreign Corrupt Practices Act (FCPA), and breaches of export control regulations under the Arms Export Control Act (AECA).