Navy Federal Credit Union will pay $95 million to resolve allegations of improperly charging "surprise" overdraft fees. The Consumer Financial Protection Bureau found that from 2017 to 2022, the credit union charged fees on ATM withdrawals and debit card purchases despite sufficient account funds. Of the total, $15 million will be a fine, while $80 million will be returned to affected members.
TD Bank has been fined $3 billion for failing to adequately fund its Bank Secrecy Act and anti-money laundering (BSA/AML) compliance, which allowed it to become an unwitting partner in cross-border crime linked to a Mexican drug cartel. Investigations revealed that the bank's leadership prioritized growth and profits over legal obligations, leading to widespread compliance failures. U.S. Attorney Philip Sellinger criticized the bank's corporate culture for treating compliance as a low priority amidst its expanding business risks.
JPMorgan Chase's affiliates, JPMorgan Securities and JPMorgan Investment Management, will pay $151 million to settle multiple enforcement actions for misleading disclosures and breaches of fiduciary duty. JPMorgan Securities will return $90 million to 1,500 investors affected by misleading information regarding a private fund product, alongside a $10 million fine. The firm self-reported the issues to the SEC after complaints from investors about delayed share sales that resulted in losses.
Gurbir Grewal, the director of the SEC’s Division of Enforcement, will resign from his position on October 11, 2024. He has led the division since August 2021 and previously served as New Jersey Attorney General. Sanjay Wadhwa, the current deputy director, will take over as acting director.
Starling Bank has been fined £29 million ($38.5 million) by the U.K.'s Financial Conduct Authority for repeatedly onboarding high-risk customers despite being ordered to halt such practices in 2021. The bank opened 54,000 accounts for 49,000 high-risk customers from 2021 to 2023, failing to comply with financial crime prevention regulations. The FCA's investigation took 14 months, significantly quicker than its average of 42 months over the past two years.
AAR Corp. has disclosed that former employees may have engaged in bribery to secure contracts in Nepal and South Africa, prompting the company to self-report violations of the Foreign Corrupt Practices Act (FCPA) to U.S. and U.K. authorities. The Illinois-based aviation maintenance provider reported a $3.9 million increase in selling, general, and administrative expenses linked to these FCPA investigations and is fully cooperating with ongoing probes.
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