Three former Wells Fargo executives should pay $18.5 million in fines over their alleged roles in the bank’s 2016 fake-accounts scandal, an in-house judge for the Office of the Comptroller of the Currency (OCC) recommended in a decision released Wednesday.
On December 1, 2022, the Consumer Financial Protection Bureau (Bureau) made public an administrative order denying Nexo Financial LLC’s (Nexo) petition to modify the Bureau’s civil investigative demand. The order represents the first publicly known Bureau investigation of a digital asset company, in this case, over Nexo’s “Earn Interest” crypto lending product.
For PCI-certified organizations, Significant Changes are a common source of confusion, both what is considered a Significant Change and what is required by PCI when one has taken place. In the PCI DSS 4.0, a Significant Change is defined as:
The operators of an alleged grant scam called Grant Bae that targeted minority-owned businesses will face a permanent ban from grant-writing and business consulting services as a result of a lawsuit brought against them by the Federal Trade Commission and the State of Florida.
In the run-up to the 2008 financial crisis, federal banking regulators took numerous steps to undermine state regulators and enforcers. For example, the Office of the Comptroller of the Currency and the now-defunct Office of Thrift Supervision took steps to nullify state laws protecting the public from predatory mortgage lending. This proved to be catastrophic.
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