This week, FINRA ramped up its enforcement efforts, penalizing two brokerage firms—Fenix Securities, LLC and Interactive Brokers LLC—for serious compliance violations. The fines and censures handed down highlight the regulator’s ongoing commitment to enforcing rules that safeguard market integrity and protect investors.
The Irish Data Protection Commission (DPC) has levied a substantial fine of €310 million against LinkedIn Ireland Unlimited Company, following a lengthy inquiry into the company's data processing practices. This inquiry, initiated on August 20, 2018, stemmed from a complaint lodged by the French non-profit organization La Quadrature Du Net. Initially filed with the French Data Protection Authority, the complaint was subsequently referred to the DPC, which serves as the lead supervisory authority for LinkedIn.
The Consumer Financial Protection Bureau (CFPB) has mandated that Apple Inc. and Goldman Sachs Group, Inc. pay more than $89 million due to substantial customer service failures and misleading practices affecting hundreds of thousands of Apple Card users. The CFPB's investigation revealed that the two companies mishandled transaction disputes and provided inaccurate information about interest-free payment options for consumers.
The U.S. Securities and Exchange Commission (SEC) announced an enforcement action today, imposing penalties totaling $6.985 million on four technology companies for what regulators described as materially misleading disclosures regarding cybersecurity incidents.
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.