’Tis the season for annual reports, and one of the most instructive is from the regulator Commodity Futures Trading Commission (CFTC) and its Division of Enforcement. When it comes to the CFTC’s mission to “be tough on those who break the rules,” as Division of Enforcement Acting Director Vince McGonagle puts it in a commission… Read More >>
JPMorgan Chase & OCC Resolve Risk Control Charges
The Office of the Comptroller of the Currency (OCC), an independent bureau within the United States Department of the Treasury, has hit JPMorgan Chase, with a $250 million fine. The reason for the civil penalty: “The OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of… Read More >>
Wells Fargo Settles RMBS Case with Justice Department
The U.S. Justice Department reports that Wells Fargo Bank, N.A., the fourth largest in the U.S. by assets, and several of its affiliates will pay a civil penalty of $2.09 billion, “based on the bank’s alleged origination and sale of residential mortgage loans that it knew contained misstated income information and did not meet the… Read More >>
Morgan Stanley Settles Customer Reserves Case
Morgan Stanley & Co. has agreed to pay a $7.5 million civil penalty as part of a settlement with the SEC over allegations that the firm violated the regulator’s Customer Protection Rule. The rule governs “customers’ cash and securities so that they can be promptly returned should the broker-dealer fail,” SEC officials say. However, “complex… Read More >>
