Compliance & Ethics

The Consumer Financial Protection Bureau (CFPB) approved a new rule today that will subject nonbank digital payment companies to federal oversight, aiming to ensure the security of personal data, reduce fraud, and prevent illegal “debanking.” The CFPB, an independent U.S. government agency, is tasked with protecting consumers by enforcing federal financial laws and fostering fair, transparent, and competitive consumer financial markets.

Gary Gensler, the 33rd Chairman of the U.S. Securities and Exchange Commission (SEC), announced today that he will step down from his position on January 20, 2025. Gensler, who has served as Chairman since April 2021, has overseen a series of significant regulatory reforms during his tenure.

The Office of the Comptroller of the Currency (OCC) has turned up the heat on banks and individuals flouting regulatory expectations, unveiling a slate of enforcement actions for November 2024. These measures not only aim to rectify serious lapses in compliance but also signal the OCC’s unrelenting commitment to upholding the integrity of the national banking system.

The Federal Financial Supervisory Authority (BaFin) imposed an administrative fine of €300,000 on Pearl Gold AG. The sanction stems from the company’s failure to meet critical financial reporting obligations under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG), a key piece of legislation governing financial transparency for companies listed in Germany.

The Securities and Exchange Commission (SEC) has dropped the hammer on three senior executives at Adani Green Energy Ltd. and Azure Power Global Ltd. for allegedly orchestrating a sprawling bribery scheme. The charges, which involve shady dealings to secure a lucrative solar energy project, are as much a cautionary tale as they are a stark reminder of the stakes in global business.

Dell Technologies and Iron Bow Technologies have agreed to pay a combined total of $4.3 million to resolve allegations of submitting non-competitive bids under a U.S. Army contract. The settlement addresses claims that the two companies overcharged the Army through a scheme that undermined the integrity of the Army’s procurement process.

Drexel Hamilton, a well-known broker-dealer, is facing serious penalties from the Financial Industry Regulatory Authority (FINRA) after it was found to have misrepresented retail orders during new issue municipal bond offerings. The firm has been censured, fined $300,000, and ordered to return over $837,000 in profits from its improper practices, which were conducted between 2016 and 2018.