A total of 45 actions were levied by federal regulators in Q3 2019. The number of regulatory enforcement actions increased 18% from Q2 2019 and was driven primarily by an increase in activities from the FDIC and other federal regulators, as seen in Table 1.
Starting from Q4 2018, the FDIC has been providing a larger percentage of overall actions enforced by federal regulators: In Q4 2018, it enforced 29% of total actions; in Q1 2019, it enforced 32% of total actions; in Q2 2019, it enforced 29% of total actions; and in this past quarter, the FDIC enforced 14 actions accounting for 31% of the total 45 actions. Some of FDIC’s top regulatory focus areas are National Flood Insurance Program violations, and Governance Deficiencies related to Insufficient Capital and Bank Secrecy Act violations.
It is noteworthy that the Commodity Futures Trading Commission (CFTC) enforced seven actions in Q3 2019, with most of these actions involved improper records-keeping, data reporting, or documents filing.
Special thanks to contributors Caitlin Cremlin and Siwen Tang.