Civil Monetary Penalty

News & Analysis as of

Furnishers Beware – CFPB Signals That Civil Penalties May Be Appropriate Even Without Any Actual Consumer Injury

Yesterday, the CFPB announced a consent order with First Investors Financial Services Group, Inc., an auto finance company that both makes loans to consumers and purchases retail installment sale contracts from auto dealers....more

Discount Drug Program Passes OIG Scrutiny

On July 28th, 2014, the Department of Health and Human Services, Office of Inspector General (OIG) released favorable advisory opinion 14-05, concluding that a pharmaceutical manufacturer’s direct-to-patient discounted, cash...more

New York AG, FTC Bring Major Action against Debt Collection Operation

The New York Attorney General and Federal Trade Commission (FTC) recently announced a joint debt collection enforcement action that had been filed in June in federal court in Buffalo, New York, against several corporations...more

Former Chief Operating Officer Settles SEC Fraud Claims

The Securities and Exchange Commission recently announced that Peter Jenson, the former chief operating officer of Harbinger Capital Partners LLC, agreed to pay a $200,000 civil penalty to resolve charges that he aided the...more

GAO issues report on CFPB civil penalty fund

The Government Accountability Office (GAO) has issued a report on the results of its review the CFPB’s Civil Penalty Fund (CPF). The review was requested by Representative Shelley Moore Capito, who chairs the House Financial...more

SEC Settles Third-Party Insider Trading Claim Against Investor Relations Executive

The Securities and Exchange Commission recently announced a settlement with a partner at an investor relations firm who allegedly traded on inside information obtained through his representation of two companies. ...more

NY Attorney General, FTC Bring Major Action against Debt Collection Operation

The New York Attorney General and Federal Trade Commission (FTC) recently announced a joint debt collection enforcement action that had been filed last month in federal court in Buffalo, New York, against several corporations...more

Nursing Facility Survey Trends - Directed Plans of Correction, Privacy Violations and FTag 520 Quality Assurance Committee...

Directed Plans of Correction, or DPOCs, have long been part of the arsenal of enforcement sanctions available to the Centers for Medicare & Medicaid Services for survey deficiencies, just like civil money penalties (CMPs);...more

New Washington Rule Clarifies Authority to Issue Penalties Against TPAs

The Washington State Department of Health has promulgated a new rule clarifying the Department's authority to issue civil penalties against health carriers and third-party administrators. This rule, which is outside the...more

IR Executive Settles SEC Insider Trading Charges

The SEC filed a settled insider trading case against a partner in an investor relations firm who traded securities based on information he obtained from draft press releases he worked on for firm clients. The settled action...more

CFPB Expands Its Enforcement Efforts Against Payday Lending

In November, 2013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more

Individual Liability: What’s Behind The Headlines?

It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent...more

Virginia Significantly Raises Worker Misclassification Fines

Worker misclassification remains a number one target area for both state and federal review. On July 1, 2014, the Virginia Workers Compensation Act (the “VWCA”) significantly increased the civil penalties that the state can...more

One Step Closer… Fifth Circuit Affirms BP Loss on CWA Liability Regarding Gulf Spill

The Deepwater Horizon spill in the Gulf of Mexico occurred over four years ago, accompanied by numerous stories trumpeting the fact that BP would likely pay as much as $25 billion to the United States in civil penalties...more

The Cost of Doing Nothing? Injunctive Relief and the Amount in Controversy

While plaintiffs in class action cases ordinarily seek monetary damages, many incorporate claims for injunctive or declaratory relief as well. Injunctive and declaratory relief can complicate matters for courts when it comes...more

CFPB orders New Jersey title services company to pay for illegal mortgage referrals

On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for...more

Corporate Compliance Officers Face Threat of Civil Monetary Penalties and Criminal Prosecution for Institutional AML Deficiencies

While financial institutions have long faced the possibility of civil monetary penalties and criminal prosecution for violations of the Bank Secrecy Act (“BSA”) and its implementing regulations, found at 31 C.F.R. Chapter X,...more

West Virginia Supreme Court Upholds $14 Million Award In Finance Company “True Lender” Case

On May 30, the West Virginia Supreme Court of Appeals affirmed a series of trial court orders requiring a nonbank consumer finance company to pay $14 million in penalties and restitution for allegedly violating the state’s...more

Deference and Compromise Reigns over Establishment of Truth: Second Circuit Validates SEC Use of "Neither Admit Nor Deny"...

On June 4, 2014, the Second Circuit Court of Appeals vacated U.S. District Judge Jed Rakoff’s influential and controversial decision to reject a consent injunction between the SEC and Citigroup Global Markets Inc. (Citigroup)...more

OIG's Proposed Rule to Expand Civil Monetary Penalties

The Office of Inspector General (OIG) of the Department of Health and Human Services (HHS) on May 12, 2014 published a proposed rule (Proposed Rule) that would implement the OIG’s expanded authority under the Affordable Care...more

Five Key Proposed Changes to OIG’s CMP Authority

In May and within a week of the Office of Inspector General of the Department of Health and Human Services (OIG) releasing a proposed rule to expand its exclusion authority, the agency also released a proposed rule (Rule)...more

SEC Brings Settled Administrative Proceedings Against NYSE Relating to Informational Advantages, Electronic Trading and Other...

The Securities and Exchange Commission (SEC or Commission) on May 1, 2014 announced a settlement (Settlement) with the New York Stock Exchange LLC and certain of its affiliates (collectively, the NYSE), addressing a variety...more

CFPB Fines Realty Firm $500K Over RESPA Disclosures

On May 28, the CFPB ordered the largest real estate company in Alabama to pay a $500,000 civil penalty to settle claims that the company provided inadequate disclosures of its relationship with an affiliated title insurance...more

OIG Issues Advisory Bulletin Impacting Independent Charity Patient Assistance Programs

On May 21, 2014, the Office of the Inspector General (OIG) of the Department of Health and Human Services (HHS) issued its “Supplemental Special Advisory Bulletin: Independent Charity Patient Assistance Programs” (SSAB) to...more

OIG Proposes Updates to Exclusion and CMP Authority

The Department of Health and Human Services, Office of Inspector General (OIG) recently issued a pair of proposed regulations to update its exclusion and civil monetary penalty (CMP) authority. The proposed regulations...more

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