The number of alleged consumer protection violations and financial offenses increased in the first half of 2024 while competition-related offenses declined, according to the latest regulatory violations report by the information services firm Wolters Kluwer. The firm tracked penalties issued by federal regulators such as the Consumer Financial Protection Bureau, the FDIC and Federal Reserve. The firm also noted that state governments are increasingly interested in regulatory oversight, “and a small but growing number of enforcement actions are taken by states such as California and Texas.”
Across the three categories, 199 violations were issued in the first half of 2024 compared to 136 in the latter half of 2023, according to the report. However, penalties declined dramatically in terms of total dollars. Nearly $1.88 billion in penalties were issued in the first six months of 2024, a 76% decline from the $7.98 billion issued in the previous six months. The higher 2023 figure was the result of “blockbuster penalties” assessed against alternative asset and digital currency providers, making that period “appear to be an outlier to the overall trend in terms of average violation amount.”
