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.
Federal Reserve Chair Jerome Powell emphasized the necessity of seeking additional feedback on the controversial Basel III Endgame proposal during a Senate Banking Committee hearing on Tuesday, according to a recent Reuters report. Powell stated that it is the "strongly held" view of the Fed board that further input is needed before finalizing the plan, which aims to overhaul how large banks assess risk and determine capital requirements.
The Commodity Futures Trading Commission (CFTC) recently unveiled its Spring 2024 regulatory agenda, part of the government-wide Unified Agenda of Federal Regulatory and Deregulatory Actions. This agenda outlines the CFTC’s anticipated rulemakings for the upcoming year. While the agenda includes several noteworthy rulemaking matters, the exclusion of a key proposed rulemaking regarding the CFTC’s uncleared swap margin rules has sparked significant debate within the Commission.
On January 7, 2021, Boeing entered into a deferred prosecution agreement (DPA) with the Department of Justice (DOJ) to resolve a criminal charge related to a conspiracy to defraud the Federal Aviation Administration’s Aircraft Evaluation Group (FAA AEG). This resolution stems from Boeing’s fraudulent conduct in the evaluation of its 737 MAX airplane.
In what Danish prosecutors are calling the largest money-laundering case in the country's history, Nordea Bank has been charged by Denmark's National Special Crime Unit (NSK) with significant anti-money laundering (AML) failings. The charges, announced on July 8, 2024, relate to approximately €3.5 billion in transactions from Russian clients between 2012 and 2015.
The European Securities and Markets Authority (ESMA) has taken steps to enhance and standardize sustainability reporting across the European Union. On July 5, 2024, ESMA released two key documents aimed at supporting the consistent application and supervision of sustainability reporting requirements.