Broker-dealer settles AML allegations with FINRA
FINRA claimed that the Florida-based company did not adequately equip its analysts to review and address trading alerts related to suspicious activities by customers
FINRA claimed that the Florida-based company did not adequately equip its analysts to review and address trading alerts related to suspicious activities by customers
The study evaluated different households’ use of buy now pay later products and revealed distinct patterns between the financially fragile and the financially stable.
New York State AG Letitia James announced the judgment against three merchant cash advance companies for usury and fraud based on allegations the lenders used short-term loans to charge illegally high-interest and undisclosed fees.
The proposed rule defines key terms in the DCLA and requires debt collector licensees to file an annual report with the DFPI.
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The company allegedly raised the funds through an offer and sale of fraudulent securities for a hedge fund purported to invest in crypto-assets.
The company agreed to pay a $1.5M penalty to the DFPI on behalf of 51 U.S. jurisdictions, mirroring a similar settlement with the SEC.
Learn more about this topic and others in the NMLS Resource Center.
Learn more about this topic and others in the NMLS Resource Center.
The Bureau reportedly filed 29 enforcement actions and resolved six final orders on previously filed lawsuits in 2023 and stated its intent to increase its capacity in 2024.
The final guidance came after a review process conducted over the past year where twenty comments indicated the need for Covered Institutions to build “robust character and fitness” policies.
The Illinois Community Reinvestment Act is modeled off the Community Reinvestment Act, but expands its scope of covered financial institutions to include credit unions and licensed entities.
The company previously contracted to collect debt from consumers on behalf of unlicensed lending entities associated with Native American tribes, or Tribal Lending Entities (TLEs).
An investigation into the bank’s practices determined that the New York branch lacked any formal policies or training on confidential supervisory information (CSI).
The Access Rule takes effect Feb. 20, 2024 and is the second of three FinCEN rulemakings to implement the Corporate Transparency Act. Read more on Orrick.com
Other new topics in the annual regulatory oversight report include OTC Quotations in Fixed Income Securities, Advertised Volume, and the Market Access Rule.
The settlement resolves allegations that the company did not properly communicate Income-Driven Repayment (IDR) plan renewals to borrowers.
The company must also surrender its BitLicense for failing to meet compliance obligations related to NYDFS virtual currency and cybersecurity regulations.
A comment letter submitted by 19 state attorneys general emphasized the importance of regulating nonbank financial institutions, including popular digital payment applications.
The DOJ alleged that the bank engaged in unlawful redlining in Memphis, Tennessee in violation of the Fair Housing Act, ECOA, and Regulation B.