Articles by Pete Schroeder and Chris Prentice

SEC Enforcement Activity Up From Last Year; One Case Affected 8,400 Investors

Enforcement activity by the U.S. Securities and Exchange Commission in fiscal 2019 resulted in $4.3 billion in fines and disgorgements, up from $3.9 billion a year earlier, the regulator said on Wednesday. Those fines and disgorgements – or the return …

U.S. Lawmakers Urge Regulators to Treat Cloud Services as Players in Financial System

Two U.S. lawmakers have called on a top financial regulatory panel to consider direct oversight of the cloud services big tech companies provide to banks, saying they have become a critical component of the global financial system. In a letter …

Equifax’s $700 Million Data Breach Settlement Criticized

Credit-reporting company Equifax Inc will pay up to $700 million to settle claims it broke the law during a massive 2017 data breach and to repay harmed consumers, in a landmark settlement that was nonetheless criticized by consumer advocates and …

Equifax’s $700 Million Data Breach Settlement Includes $300 Million for Consumers

Credit-reporting company Equifax Inc. will pay up to $700 million to settle U.S. federal and state probes into a massive 2017 data breach of personal information, authorities said on Monday. The largest-ever settlement for a data breach draws to a …

House Democrats Eye Possible Ban on Big Tech Firms Offering Financial Services

A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation …

Meeting Between Regulators, Employees Helped Set Stage for Wells Fargo CEO Exit

The day after former Wells Fargo & Co. Chief Executive Tim Sloan told U.S. lawmakers he was transforming the bank’s high-pressure culture, Federal Reserve officials met privately with bank employees. At the meeting on March 13, which has not been …

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 …

Wells Fargo CEO Grilled at Congressional Hearing Probing Customer Abuse Scandal

Democratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Executive Tim Sloan for proof the bank has put a string of consumer abuse scandals behind it at a tense congressional hearing that saw Sloan firmly on the …

Congress Looks to ‘Reimagine’ Credit Reporting Industry

The nation’s major credit reporting agencies faced renewed scrutiny from Congress on Tuesday, as lawmakers consider legislation overhauling the industry. Top executives from the three major credit reporting agencies – Equifax Inc, Experian Plc and TransUnion – had to defend …

Financial Stability Board Chair Targets Unknown Threats

The Financial Stability Board needs to commit more resources to identifying new threats while reviewing existing reforms for refinement, its chair said Sunday. Randal Quarles, who took over as chair of the FSB in November and is the U.S. Federal …