Editor’s note: This article is the first in a two-part series.
Effective December 24, 2012, HB 2369 amended the Department of Banking and Securities (DOBS) Code to expand the regulatory and enforcement tools available to the Pennsylvania Department of Banking and Securities over the institutions, credit unions and licensees it regulates. It also brings Pennsylvania law into compliance with the Dodd-Frank Act. The first significant amendment is the establishment of the Pennsylvania department’s authority to impose a civil money penalty of up to $25,000 per violation against an institution, or any of its officers, employees, directors or trustees for: (1) violations of any law or department order; (2) engaging in any unsafe or unsound practice; or (3) breaches of a fiduciary duty. This is a significant enforcement tool to be used against individuals and institutions that violate Pennsylvania law.
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