Compliance & Ethics

The Consumer Financial Protection Bureau (CFPB) has taken decisive action against Fay Servicing, a nonbank mortgage servicer, for continued violations of mortgage servicing laws and non-compliance with a previous enforcement order. The CFPB's latest order, issued on August 21, 2024, requires Fay Servicing to pay $5 million in redress and penalties, and imposes potential compensation limits on its CEO, Edward Fay.

The Office of the Comptroller of the Currency (OCC) has released its monthly report on enforcement actions taken against national banks, federal savings associations, and individuals affiliated with OCC-supervised institutions.

The Securities and Exchange Commission (SEC) has adopted a new rule that will require venture capital funds to reassess their compliance status under the Investment Company Act of 1940. The rule, announced today, updates the definition of "qualifying venture capital funds" by raising the capital threshold from $10 million to $12 million.

The Federal Financial Supervisory Authority (BaFin) announced it has levied a substantial fine against NBSH Acquisition LLC for breaching German securities law. The company has been ordered to pay €1.6 million for failing to comply with voting rights notification requirements under the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG).

A federal judge in Dallas has blocked the Federal Trade Commission’s (FTC) sweeping ban on non-compete agreements. The decision, delivered by U.S. District Judge Ada Brown, represents a significant setback for the FTC and its efforts to make labor markets more competitive by curtailing non-competes, which have become increasingly prevalent across the United States.

Norway's competition watchdog has levied a massive 4.9 billion Norwegian crowns ($466 million) in fines against the country's top three grocery store chains for breaking antitrust rules in a way that may have led to higher consumer prices.

Cantor Fitzgerald & Co., a prominent Wall Street firm, has agreed to pay a $100,000 fine and over $51,000 in restitution to settle allegations of best execution violations in over-the-counter (OTC) securities trades, according to a recent Financial Industry Regulatory Authority (FINRA) action.