Butler, Pennsylvania-based Armstrong Group has agreed to pay $6.5 million to settle allegations of violating the False Claims Act in relation to the Federal Communications Commission's (FCC) High-Cost Program. The settlement, announced on Friday, July 12, 2024, resolves claims that the company knowingly submitted improper costs to inflate subsidies received from the federal Universal Service Fund (USF).
The U.S. Justice Department and Environmental Protection Agency (EPA) have reached a $241.5 million settlement with Marathon Oil Company over Clean Air Act violations in North Dakota. The agreement, announced on Thursday, July 11, 2024, marks the largest civil penalty ever imposed for Clean Air Act violations at stationary sources.
The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) have levied combined fines of $135.6 million against Citigroup and its subsidiary Citibank for persistent deficiencies in risk management and internal controls.
Acting Comptroller of the Currency Michael J. Hsu addressed the Financial Literacy and Education Commission's public meeting on July 10, 2024, emphasizing the critical role banks play in combating consumer financial fraud. Hsu's remarks highlighted the growing threat of fraud and the need for collaborative efforts to protect consumers and the financial system.
Rite Aid Corporation and its subsidiaries have agreed to pay $121 million to resolve allegations of violating the False Claims Act. The U.S. Department of Justice announced the settlement on Wednesday, July 10, 2024, marking a major enforcement action against one of the country's largest retail pharmacy chains.
The Consumer Financial Protection Bureau (CFPB) has taken action against Fifth Third Bank for a series of illegal activities, resulting in $20 million in penalties and mandatory redress for approximately 35,000 affected consumers. The enforcement actions, announced on July 9, 2024, address two primary issues: forced auto insurance and the creation of unauthorized bank accounts.
The European Banking Authority (EBA) released its annual Report on convergence of supervisory practices today, underscoring both achievements and areas needing improvement in the implementation of supervisory priorities across the EU for 2023.