Articles by Katanga Johnson

SEC Pursues Coronavirus Fraudsters With Help From Whistleblowers

The novel coronavirus outbreak and economic fallout is proving to be a bonanza for whistleblower lawyers as the U.S. securities regulator cracks down on a range of related misconduct from companies touting sham cures to misuse of federal aid. The …

Chief Says SEC Will Not Cap Whistleblower Awards

The U.S. Securities and Exchange Commission will not introduce “caps” on awards to whistleblowers who come forward with key information on fraud and other violations, the head of the agency told lawmakers on Tuesday. Last year, the country’s top markets …

U.S. Consumer Agency Says Financial Complaint Database to Remain Public

The top U.S. consumer watchdog will keep consumer complaints against financial firms public despite pressure from the companies, but the agency said on Wednesday it will make changes to the way those complaints are filed. The decision to retain the …

SEC Rules Target Investment Brokerage Disclosures, Conflicts

The U.S. Securities and Exchange Commission (SEC) on Wednesday will vote to adopt a package of rules mandating brokerage firms disclose potential conflicts in the fees investors pay and the commission brokers earn when giving financial advice. The Regulation Best …

PwC to Pay $335 Million to Settle Negligence Claim Over Colonial Bank Audits

A top U.S. banking regulator said on Friday that PricewaterhouseCoopers will pay $335 million to settle claims of “professional negligence,” after saying the auditor should have identified problems leading to the 2009 collapse of Alabama-based Colonial Bank. PwC did not …

New Consumer Financial Protection Bureau Chief Outlines Priorities

The new head of the U.S. consumer financial watchdog on Tuesday said she intended to continue some of the work begun by her predecessor Mick Mulvaney, including a review of decades-old rules preventing lending discrimination against minorities. Industry and consumer …

Lax Cyber Security Could Be Federal Law Violation, SEC Warns

Public companies that fail to tighten their cyber security controls could be violating federal law, the U.S. Securities and Exchange Commission (SEC) said on Tuesday. The regulator’s warning came in the form of a report on its investigation to assess …

Gun Lobby Seeks Lending Curbs on ‘Gun-Hating’ Banks

The U.S. gun lobby is taking aim at “gun-hating” banks after Citigroup Inc. and Bank of America said they would no longer provide certain banking services to gun-makers, according to industry lobbyists. The attack by Gun Owners of America and …