Banks, Cease and Desist

FTC Settles with Bankrupt Crypto Company, but Pursues CEO for Deceptive FDIC Claims

Venable LLP on 10/17/2023

The Federal Trade Commission (FTC) announced it has reached a settlement with the bankrupt crypto company Voyager over the company’s alleged deceptive crypto marketing practices. Specifically, the FTC’s complaint alleges that...more

FDIC Issues Cease and Desist Demand Against Neobank

Goodwin on 4/4/2023

On March 24, 2023, the Federal Deposit Insurance Corporation (FDIC) announced that it had issued an advisory letter to a United States-based neobank, demanding that the company immediately cease and desist and take...more

Ninth Circuit Court of Appeals Rejects Constitutional Challenge to AML Compliance Program Regulation

Ballard Spahr LLP on 3/20/2018

The Ninth Circuit Court of Appeals recently upheld the decision of the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) to issue a cease and desist order against California Pacific Bank (the “Bank”)...more

Red Notice Newsletter - Russian

Akin Gump Strauss Hauer & Feld LLP on 2/13/2018

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Object Lesson on How Not to Respond to Consent and Enforcement Actions

Sullivan & Worcester on 9/2/2017

Last week, the DFS announced an enforcement action and charges against the NY Branch of Habib Bank, a Pakistani bank that had been doing business in NY for almost 40 years....more

BNY Mellon and Lessons Learned In Hiring Family Members – Part II

Thomas Fox - Compliance Evangelist on 8/20/2015

In yesterday’s post I reviewed the Securities and Exchange Commission (SEC) Foreign Corrupt Practices Act (FCPA) enforcement action involving the Bank of New York Mellon Corporation (BNY Mellon) around its hiring of sons and...more