Bank Enforcement Actions 2024: What Happened and What Can We Learn?
Speaker: Mr. Justin Muscolino
Speaker Designation: Compliance Training Expert
Speaker: Mr. Justin Muscolino
Speaker Designation: Compliance Training Expert
The enforcement actions of 2024 serve as a reminder of the dynamic nature of the banking industry and the continuous need for vigilance in compliance and risk management. As the financial landscape evolves, these lessons will be essential for banks striving to navigate future challenges while maintaining integrity and public confidence.
In today's ever-evolving regulatory financial landscape, we need to stay ahead of regulatory changes and enforcement actions which are very critical to the success and sustainability of any financial institution.
By analyzing recent cases, financial institutions can identify regulatory trends and patterns to enhance their compliance framework to prevent and mitigate potential risks. Reviewing the enforcement actions brought by U.S. regulators over the past year can provide a number of benefits.
We will go through the different banking regulators and discuss recent enforcement actions. The goal of this training is to take away the lessons learned by prior enforcement actions, implement changes within your compliance framework, continue with your risk mitigation efforts, and manage your reputational risk when similar issues arise.
In 2024, the landscape of banking regulation and enforcement witnessed significant developments that highlighted ongoing challenges in the financial sector. Following a tumultuous period marked by economic fluctuations, evolving regulations, and increased scrutiny on financial institutions, regulatory agencies ramped up enforcement actions against banks and financial firms.
The enforcement actions of 2024 underscore the dynamic nature of the banking industry and the need for ongoing vigilance in compliance and risk management to navigate future challenges.
Justin brings over 20 years of wide-arranging experience in compliance, training and regulations. Most recently, he served as Head of Compliance Training at Bank of China where he led the compliance training function and created and monitored the annual training plan through a thorough training needs analysis. Previously he served as Macquarie Group’s Head of Americas Compliance Training and JPMorgan Chase’s Compliance Training Manager.
Justin also worked for FINRA, a US regulator, where he created Examiner University to train examiners on how to perform their function. Some of his vast areas of expertise are : Compliance training programs, managing regulatory projects, lasing with regulators, and identifying gaps/opportunities for improvements in risk mitigation.
