Civil Monetary Penalty

News & Analysis as of

The North Carolina Employee Fair Classification Act

During the 2015 legislative session, North Carolina devoted a great deal of attention to the employment classifications of independent contractors. After working its way through several revisions in the House and Senate, The...more

HSR Enforcement Continues Swiftly: $240K Settlement Announced with FTC for Failure to File

On the heels of the FTC's recent HSR passive investor exemption enforcement action comes another reminder that HSR compliance is not always clear, and that it is not always easy. The Federal Trade Commission has announced a...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement Cybersecurity Is At the Top of SEC Examination Concerns In a recent SEC “risk alert” for registered broker-dealers and investment advisers, the SEC’s Office of Compliance Inspections and Examinations (OCIE)...more

Coding Errors Lead To SEC Sanctions for High-Frequency Trading Firm

Mistakes in computer coding by a high frequency trading firm that went undetected for approximately four years were responsible for approximately 12.6 million orders that violated Reg NMS, according to an Order settling an...more

CFPB and DOJ Fine Savings Association Over Alleged Mortgage Redlining Practices

On September 24, the CFPB and DOJ announced a joint enforcement action against a federally-chartered savings association, alleging that the lender excluded predominantly minority neighborhoods from its mortgage lending...more

DOJ Reaffirms Commitment to Prosecuting Individuals, Toughens Expectation for Corporate Response

The U.S. Department of Justice (DOJ) recently issued a memorandum ("The Yates memo") on September 9, 2015 by Deputy Attorney General Sally Yates, reaffirming the Government's commitment to prosecuting individuals. Say...more

Bureau of Economic Analysis (BEA) Issues New Form BE-180 for U.S. Financial Services Providers Including Investment Advisers

Now that the dust has settled a little on the BE-10 benchmark survey responses, U.S. financial service providers, including investment advisers, should take note that the U.S. Bureau of Economic Analysis (the “BEA”) has...more

EPA Poised to Elevate Clean Air Act 112(r) Enforcement

Overview - In the wake of the United States Environmental Protection Agency’s (EPA) recent $5.6 million settlement with Bayer CropScience under Clean Air Act Section 112(r), companies should expect more from EPA in the...more

One-Two Punch: CFPB Indirect Auto and Add-On Product Orders

The CFPB announced two new enforcement action settlements on September 28: one for alleged discriminatory auto loan pricing and the other for alleged deceptive credit card add-on product marketing practices....more

CMS Proposes Overhaul of Clinical Lab Payment Methodology: What You Need To Know

On Friday, the Centers for Medicare & Medicaid Services (“CMS”) issued a long-awaited proposed rule that would drastically change the payment rates for clinical laboratory services beginning January 1, 2017 (the “Proposed...more

CFPB Brings Long-Anticipated First Redlining Enforcement Action – New Approach to Redlining Analysis is put into Action

On September 24, 2015, the CFPB and DOJ announced a joint action against Hudson City Savings Bank for allegedly discriminatory redlining practices from 2009 through 2013 in certain neighborhoods in New York, New Jersey,...more

The SEC Charges Investment Adviser with Violating Regulation S-P by Failing to Adopt Cybersecurity Policies and Procedures

In recent years, the SEC has been focused on cybersecurity. It has issued risk alerts, conducted examinations and provided guidance about what the agency sees as widespread weaknesses in many policies and procedures to...more

OIG Approves Home Health Provider's Free Introductory Visit Policy

On August 6, 2015, the U.S. Department of Health & Human Services, Office of Inspector General (OIG) issued an advisory opinion approving a for-profit home health provider’s policy to offer free introductory visits to...more

SEC Charges Investment Adviser With Failure to Adopt Proper Cybersecurity Policies and Procedures

A registered investment adviser agreed to settle SEC charges that it failed to adopt adequate cybersecurity policies and procedures reasonably designed to protect customer records and information as required by Rule 30(a) of...more

CFPB and DOJ Announce Joint Action Against Hudson City Savings Bank, F.S.B.

On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson). The complaint alleges that Hudson...more

SEC Announces Cybersecurity Enforcement Action

On September 22, 2015, the Securities and Exchange Commission (SEC) announced the settlement of an enforcement action against a St. Louis-based registered investment adviser (Adviser) brought under Rule 30(a) of Regulation...more

Study Says SEC Inflates Enforcement Statistics

A recent study by Urska Velikonja, Emory University School of Law; University of Chicago – Law School, analyzes the enforcement statistics the SEC publishes. The abstract to the study reads as follows: “Every October, after...more

Checking In on Sanctions Enforcement

The Department of Treasury’s Office of Foreign Asset Control continues to ramp up sanctions enforcement. Even with the likely relaxation of the Iran and Cuba sanctions, OFAC has been continuing its aggressive enforcement...more

Prompted by Independent Study, EPA Issues Notice of Violation to Volkswagen for Circumventing Federal Emissions Standards

The Environmental Protection Agency’s (EPA) issuance of a notice of violation last week to Volkswagen AG, Audi AG, and Volkswagen Group of America, Inc. (collectively Volkswagen) appears to have further validated EPA’s and...more

FinCEN Action Against Casino for Weak AML Compliance Efforts Should Not Be Ignored by Others—Especially Digital Currency Companies

Why it matters - FinCEN's $8 million civil money penalty imposed on Caesars Palace for "willful and repeated" violations of the BSA sends a signal that failure to collect and use appropriately identifying information...more

Safety contractor wins appeal of $1,000 administrative penalty under OHSA

Don’t be seen to cause a traffic jam that inconveniences a government health and safety officer. Perhaps that is the real moral of this story. A safety contractor was providing traffic control services on the...more

Comcast to Pay $33.4 Million for the Unauthorized Disclosure of Customer Contact Information

Yesterday, the California Public Utilities Commission announced it had approved a $33.4 million settlement with Comcast, which resolves allegations that, due to vendor switches, the company disclosed and published the contact...more

New OFAC Exposure? What Can Be Learned From Bank's Recent $1.7M OFAC Settlement for Investment-Related Transactions

Why it matters - Swiss-based UBS AG's agreement to pay more than $1.7 million to the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) underscores the scope of OFAC sanctions and the complications...more

IRS Seeks Identities of Americans with Undisclosed Belize Bank Accounts

Americans with secret accounts in Belize should take notice: the government is looking for you. The U.S. Department of Justice on September 15 filed a petition in federal court in Miami seeking permission to issue summonses...more

FTC Announces Settlement with Auto Loan Servicer for Alleged Violations of FCRA Furnisher Rule

The Federal Trade Commission (FTC) recently announced a settlement with a company that services auto loans for alleged violations of the Fair Credit Reporting Act (FCRA) “Furnisher Rule.” The settlement serves as a reminder...more

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