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.
Acting Comptroller of the Currency Michael J. Hsu addressed the Financial Literacy and Education Commission's public meeting on July 10, 2024, emphasizing the critical role banks play in combating consumer financial fraud. Hsu's remarks highlighted the growing threat of fraud and the need for collaborative efforts to protect consumers and the financial system.
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.
The European Banking Authority (EBA) released its annual Report on convergence of supervisory practices today, underscoring both achievements and areas needing improvement in the implementation of supervisory priorities across the EU for 2023.
Federal Reserve Chair Jerome Powell emphasized the necessity of seeking additional feedback on the controversial Basel III Endgame proposal during a Senate Banking Committee hearing on Tuesday, according to a recent Reuters report. Powell stated that it is the "strongly held" view of the Fed board that further input is needed before finalizing the plan, which aims to overhaul how large banks assess risk and determine capital requirements.
The Commodity Futures Trading Commission (CFTC) recently unveiled its Spring 2024 regulatory agenda, part of the government-wide Unified Agenda of Federal Regulatory and Deregulatory Actions. This agenda outlines the CFTC’s anticipated rulemakings for the upcoming year. While the agenda includes several noteworthy rulemaking matters, the exclusion of a key proposed rulemaking regarding the CFTC’s uncleared swap margin rules has sparked significant debate within the Commission.