A review of enforcement actions by state and federal financial regulators over the past six years found that consumer protection violations and privacy violations resulted in nearly $8.8 billion in penalties in the period studied. The research by information services firm Wolters Kluwer found that 95% of all consumer-related enforcement actions from 2018 to 2023 were taken by state authorities, with the vast majority insurance violations. However, in terms of total financial penalties, insurance violations totaled $475 million compared to the $8.4 billion for consumer protection violations. Total penalties for privacy violations were more than $329 million.
Financial offenses accounted for the highest penalty amounts, with 74% of violations issued by federal authorities. The report documented 34 anti-money laundering enforcement actions over the six years studied, and together they resulted in nearly $17 billion in penalties. There were also 59 banking violation enforcement actions, together resulting in more than $3.7 billion in penalties.
