The Federal Trade Commission (FTC) announced today that it has issued an order requiring Marriott International, Inc. and Starwood Hotels & Resorts Worldwide LLC, a subsidiary of Marriott, to implement more robust data security programs.
Deutsche Bank Securities Inc., the broker-dealer arm of Deutsche Bank AG, is paying a hefty $4 million civil penalty after the U.S. Securities and Exchange Commission (SEC) found that it repeatedly missed the deadline to file Suspicious Activity Reports (SARs). These reports are crucial tools in the fight against financial crime, and Deutsche Bank’s delay in filing them hindered important investigations into possible illicit activities.
Time is slipping away for proprietary trading firms (PTFs) and other financial institutions preparing to comply with the Digital Operational Resilience Act (DORA). With the January 17, 2025, implementation date looming, the Dutch Authority for the Financial Markets (AFM) has issued a candid report that paints a mixed picture of readiness.
Starting January 1, 2025, doing business in California gets a little pricier—at least for those caught slipping on privacy compliance. The California Privacy Protection Agency (CPPA) has announced higher fines and updated thresholds under the California Consumer Privacy Act (CCPA). These changes, tied to inflation and the Consumer Price Index (CPI), mark a biannual adjustment aimed at keeping penalties relevant and impactful in an evolving regulatory landscape.
Wells Fargo Clearing Services and LPL Financial have agreed to pay $900,000 each to settle charges with the U.S. Securities and Exchange Commission (SEC). The charges stem from the firms' failure to provide complete and accurate securities trading data, known as blue sheet data, to the SEC, a key component of the agency’s market surveillance.
The Consumer Financial Protection Bureau (CFPB) is making waves with a bold lawsuit against some of the country’s biggest banks—Bank of America, JPMorgan Chase, and Wells Fargo—as well as Early Warning Services, the company behind Zelle. The lawsuit alleges these institutions have turned a blind eye to rampant fraud on the popular peer-to-peer payment platform, which, according to the CFPB, has led to over $870 million in consumer losses since Zelle’s launch in 2017.
The Securities and Exchange Commission (SEC) has charged Louisiana-based utility company Entergy Corporation with internal accounting control failures that distorted its financial records. The company has agreed to pay a $12 million penalty to resolve the matter and adopt new measures to fix the cracks in its system.