The firm agrees to pay over $151 million for misleading disclosures, fiduciary breaches, and conflicts of interest in multiple enforcement actions. The U.S. Securities and Exchange Commission (SEC)…
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Appellate Court Rules U.S. Can Prosecute Turkish Bank Through DOJ Probe
Foreign immunity is not extended to entities aiding in sanctions evasion. The Second Circuit U.S. Court of Appeals ruled that the federal government may prosecute Turkish bank Halkbank…
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TD Bank Reaches $3 Billion Money Laundering Settlement with Justice Department
It is the largest bank ever to plead guilty to money laundering in the United States. The Department of Justice (DOJ) came to a $3 billion agreement with…
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Treasurer Chief Malerba Visits Band Ojibwe Reservation to Review Federal Investments
New bank, wastewater treatment facility, and townhomes funded by grants. U.S. Treasurer Chief Lynn Malerba visited the Mille Lacs Band of Ojibwe reservation in Minnesota last month, touring…
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Treasury Department Takes Action on Mail Theft Check Fraud
Federal agencies and Postal unions call for stronger protections as mail theft-related fraud rises nationwide. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reported a significant rise in…
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Treasury Designates Russian, North Korean Sanction-Evasion Network
Targets five entities and one individual based in Russian-occupied Georgia. The Treasury Department sanctioned five entities and one individual for enabling Russia and North Korea to evade U.S.…
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DOJ Sues Visa for Monopolizing Debit Card Markets
The department alleges the company “has unlawfully amassed the power to extract fees.” The Department of Justice filed an antitrust suit against Visa for anti-competitive actions. The department…
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CFPB Warns Banks of Overdraft Fee Consent Requirements in New Guidance
Attempts to reign in “phantom opt-in” agreements in updated legal interpretation. The Consumer Financial Protection Bureau (CFPB) released a new guidance this month, cautioning banks not to charge…
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New Jersey Bank Agrees to Settlement with DOJ and HUD Over Redlining Allegations
The institution also agreed to five-year compliance training for the Fair Housing Act. New Jersey’s OceanFirst Bank filed a proposed settlement agreeing to pay $15.1 million to settle…
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HUD Proposes Making Delinquent Mortgage Program Permanent
The program seeks to facilitate the sale of affordable housing back to government, organizations The Department of Housing and Urban Development (HUD) proposed a new rule to make…
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