Posts by Matt Kelly
Fines Cut for Ex-Wells Fargo Execs
U.S. banking regulators settled charges with two former top audit executives at Wells Fargo for their oversight failures during the bank’s fake accounts scandal of the 2010s, cutting the millions in fines the two men were facing by more than 90 percent. The Office of the Comptroller of the Currency announced the deals late last…
Read MoreRepublicans Propose Abolishing PCAOB
Republicans in Congress unveiled legislation on Friday to abolish the Public Company Accounting Oversight Board and fold the PCAOB’s audit industry oversight duties into the Securities and Exchange Commission. The House Financial Services Committee released the proposed text Friday evening, presumably hoping that nobody would notice. The bill would take the PCAOB’s duties — approving…
Read MoreOn Vacation This Week
Thank you for visiting, dear readers, but Radical Compliance is taking some much-needed vacation this week. We likely won’t have any updates to the website, and no newsletter on Friday, April 25. You can always send us tips at mkelly@radicalcompliance.com. Otherwise, behave yourselves and we’ll be back as usual on Monday, April 28.
Read MoreBoeing, Trade Wars, and Disclosures
Earlier this week we saw news that China has told local airlines there to stop taking delivery of Boeing airplanes, Beijing’s latest retaliatory move against President Trump’s tariffs. That gives us opportunity to consider the potential implications for financial reporting and risk disclosure — implications that might snare more companies as the trade war drags…
Read MoreCompliance Jobs Report: April 18
This week the Compliance Jobs Report has a changing of the guard at Glencore, new hires at Valaris, SEKO Logistics, Wayfair, WSFS Bank, Johnsonville, and elsewhere; as well as promotions at Western Union, Citibank, GreenSky, and the Red Cross. Job leads are in pharma, economic development, and religion; Meme of the Week goes out to…
Read MoreDiving Into Glencore Compliance Report
Commodities trading giant Glencore published an in-depth look at its ethics and compliance function this week, part of the company’s penance for a corporate corruption scandal it settled in 2022. Anyone wanting a glimpse into how global businesses might structure their compliance operations, especially when recovering from a misconduct scandal, look no further. As you…
Read MoreFCPA Probe Into Digicel Closed
The Justice Department has closed an FCPA investigation in a Caribbean telecommunications business, the second such closure since President Trump ordered a pause on all FCPA enforcement two months ago. The company in question is Digicel, headquartered in Jamaica and offering a range of mobile phone and internet services across the Caribbean. Digicel had first…
Read MoreThat New York Action Against Block
Last week New York state regulators sanctioned online payments giant Block for persistent shortcomings in the anti-money laundering compliance program for Cash App, the popular digital wallet owned by Block. Even for folks not in financial services or subject to New York state regulation, this case offers important lessons about modern compliance risks that any…
Read MoreCompliance Jobs Report: Apr. 11
The Complaince Jobs Report this week has new hires at Boston Pharmaceuticals, FNB Corp., a few big European firms, and elsewhere; plus notable promotions at AbbVie, Pepsico, Gilead Sciences, Microsoft, and more. Job leads are in manufacturing, healthcare, and online travel services. Meme of the Week goes out to our frenemies in legal! Always remember…
Read MoreDOJ Monitorship Policy Disappears
The Justice Department has pulled down its policy statement on when compliance monitors will be assigned as part of corporate misconduct resolutions, which seems as good a reason as any to catch up on all the news swirling around compliance monitorships these days. The Justice Department had previously posted its policy on monitorships on the…
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