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The Consumer Financial Protection Bureau is considering taking action against Meta Platforms, the parent company of Facebook, over its use of third-party financial data in its advertising business. This potential enforcement action would mark the CFPB's first against a social media company, expanding its oversight beyond traditional financial institutions. Meta has stated its disagreement with the CFPB's claims, while Director Rohit Chopra has a history of advocating for stringent oversight of the company. The CFPB has recently increased enforcement activity after legal challenges, investigating major banks like JPMorgan Chase and Bank of America. [Extracted from the article]

The article discusses the challenges faced by banks in preventing financial crimes due to outdated anti-money laundering laws in the U.S. TD Bank's $3 billion settlement highlighted the consequences of failing to monitor and prevent money laundering activities. The U.S. Treasury Department proposed updates to the regulations, requiring banks to conduct periodic risk reviews and incorporate national priorities into their anti-money laundering programs. However, industry groups have criticized the proposal, arguing that it adds new regulatory requirements instead of improving existing ones. The debate continues on how to effectively allocate resources to combat financial crimes while complying with regulations. [Extracted from the article]

The Supreme Court has ruled that investors cannot hold Macquarie Infrastructure liable for securities fraud for failing to disclose how a United Nations regulation would impact its commodities storage business. The unanimous decision reverses a previous ruling by the U.S. Court of Appeals for the Second Circuit and is part of a trend by the Supreme Court to limit civil liability for securities fraud. The ruling benefits public companies by preventing costly securities litigation and also benefits shareholders by avoiding overdisclosure of information. [Extracted from the article]

The U.S. Commerce Department has issued warnings to over 20 companies for selling restricted technology to Russia, including components used in drones and missiles. The Bureau of Industry and Security (BIS) has been tasked with addressing this issue and has provided the companies with a list of over 600 foreign parties that continue to sell restricted parts to Russia. The Justice Department has also indicted a Latvian citizen for conspiring to sell avionics equipment to Russian companies in violation of U.S. export controls laws. The Commerce Department has been working to enforce export rules and economic sanctions against Russia and China, but Russia has found ways to circumvent these measures. BIS has implemented a program to encourage companies to self-report possible infractions, resulting in an 80% increase in voluntary disclosures. While BIS can only impose administrative penalties, it has collaborated with federal prosecutors to investigate and prosecute criminal violations. The Commerce bureau has also partnered with the Treasury Department's Financial Crimes Enforcement Network to flag possible export control violations and Russia sanctions in suspicious transactions reports from banks. This collaboration has provided the Commerce Department with new evidence to enforce export controls. [Extracted from the article]