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Financial Fraud, Wrongdoing, and Regulation: A Review of Recent Cases from the US Banking Industry

In: Corporate Governance, Organizational Ethics, and Prevention Strategies Against Financial Crime

Author

Listed:
  • Murray Bryant

    (Ivey Business School)

  • Throstur Olaf Sigurjonsson

    (University of Iceland)

Abstract

Large financial institutions licensed in the USA are monitored by multiple regulatory agencies. This chapter examines recent cases related to instances when US financial institutions are subject to fines, penalties, and remediation. Regulatory agencies involved in such instances are the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Department of Justice, the Commodities Futures Trading Commission, the Federal Deposit Insurance Corporation, and the Consumer Financial Protection Bureau. In almost every instance recorded, penalties exacted by regulators take the form of a consent decree where banks have agreed to a statement of facts and background with a regulator and the wrongdoing. In this chapter, it is highlighted what has been described as serial offenders and therefore agencies view with grave concern malfeasance and a culture of wrongdoing of financial institutions. An act of wrongdoing by a few people or willful ignorance by others can have a detrimental effect on reputational capital of the financial institutions. Trust lies at the heart of financial services and thus regulatory agencies are an important element of ensuring the efficacy of financial systems.

Suggested Citation

  • Murray Bryant & Throstur Olaf Sigurjonsson, 2025. "Financial Fraud, Wrongdoing, and Regulation: A Review of Recent Cases from the US Banking Industry," CSR, Sustainability, Ethics & Governance, in: Hyacinthe Yirlier Somé & Narjess Boubakri & Omrane Guedhami (ed.), Corporate Governance, Organizational Ethics, and Prevention Strategies Against Financial Crime, pages 133-153, Springer.
    • Handle: RePEc:spr:csrchp:978-3-031-74523-2_7
    DOI: 10.1007/978-3-031-74523-2_7
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