The U.S. Department of Labor has announced a comprehensive corporate-wide settlement with Dollar General and its retail subsidiaries. This agreement mandates significant safety improvements across all Dollar General stores, aiming to create safer environments for thousands of workers nationwide.
On July 2, 2024, the State Data Protection Inspectorate (SDPI) of Lithuania imposed a substantial fine of €2,385,276 on Vinted, UAB, the company behind the popular online second-hand clothing trading platform "Vinted". The penalty comes after an investigation into complaints forwarded by French and Polish supervisory authorities in 2021 and 2022.
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 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.
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.
In today's landscape of governance, risk management, and compliance (GRC), there's a prevalent but often misguided approach that begins with compliance rather than governance. If we were to parse the acronym logically, one might expect it to be CRG, or even Cr (intentionally lowercase), reflecting the common tendency where compliance takes precedence over governance and strategic performance considerations. This approach, while common, can lead to fragmented risk management efforts and overlooks the foundational role that governance plays in setting objectives and guiding risk mitigation strategies.