New York Attorney General Letitia James sued a bank for failing to (i) protect victims of electronic fraud and (ii) reimburse their losses.
News & Insights
The OCC, the Federal Reserve Board and the FDIC proposed long-term debt requirements for large banking entities, holding companies, foreign banking organizations and large insured depository institutions to facilitate resolvability in the event of failure and to reduce the risk of contagion within the financial system.
The FTC and DOJ ordered MoneyGram to refund $115 million to nearly 40,000 consumers for its continued failure to protect against fraudulent scammers using their payment system.
The SEC Division of Investment Management issued guidance on the use of fee waiver and expense reimbursement arrangements that result in differing advisory fees for different share classes of the same fund.
In an amicus curae brief filed in the U.S. Court of Appeals for the Fourth Circuit, the CFPB supported plaintiffs in their appeal of a dismissal of a class action against a major commercial bank for allegedly mismanaging the distribution of government benefit prepaid cards during the COVID-19 pandemic.