Featured Stories
USITC Institutes Section 337 Investigation of Certain Transformers and Components Thereof
WASHINGTON, Aug. 18 -- The U.S. International Trade Commission issued the following news release:
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USITC Institutes Section 337 Investigation of Certain Transformers and Components Thereof
The U.S. International Trade Commission (Commission or USITC) voted to institute an investigation of certain transformers and components thereof. The products at issue in the investigation are described in the Commission's notice of investigation.
The investigation is based on a complaint filed on behalf of Ayr Energy, Inc. of Mountain View, California, on July 16, 2026. The complaint alleges violations
... Show Full Article
WASHINGTON, Aug. 18 -- The U.S. International Trade Commission issued the following news release:
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USITC Institutes Section 337 Investigation of Certain Transformers and Components Thereof
The U.S. International Trade Commission (Commission or USITC) voted to institute an investigation of certain transformers and components thereof. The products at issue in the investigation are described in the Commission's notice of investigation.
The investigation is based on a complaint filed on behalf of Ayr Energy, Inc. of Mountain View, California, on July 16, 2026. The complaint alleges violationsof section 337 of the Tariff Act of 1930 based upon the importation into the United States, the sale for importation, and/or the sale within the United States after importation of certain transformers and components thereof by reason of misappropriation of trade secrets, false advertising, unfair competition, trademark infringement, false designation of origin, and common law trademark infringement. The complainant requests that the USITC issue a limited exclusion order and cease and desist orders.
The USITC has identified the following respondents in this investigation:
* Zetwerk Manufacturing Businesses Private Limited, Bangalore, India
* Zetwerk Manufacturing USA Inc., San Francisco, California
* KRYFS Power Components Ltd., Mumbai, India
* Unimacts Global, LLC, Lexington, Massachusetts
By instituting this investigation (337-TA-1517), the USITC has not yet made any decision on the merits of the case. The USITC's Chief Administrative Law Judge will assign the case to one of the USITC's administrative law judges (ALJ), who will schedule and hold an evidentiary hearing. The ALJ will make an initial determination as to whether there is a violation of section 337; that initial determination is subject to review by the Commission.
The USITC will make a final determination in the investigation at the earliest practicable time. Within 45 days after institution of the investigation, the USITC will set a target date for completing the investigation. USITC remedial orders in section 337 cases are effective when issued and become final 60 days after issuance unless disapproved for policy reasons by the U.S. Trade Representative within that 60-day period.
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Original text here: https://www.usitc.gov/press_room/news_release/2026/er0817_69094.htm
SEC Charges Boiler Room Operator, 3 Entities With Defrauding Retail Investors in $74 Million Pre-IPO Investment Scam
WASHINGTON, Aug. 18 -- The Securities and Exchange Commission issued the following litigation release:
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Securities and Exchange Commission v. Andrew Spaventa, The Spaventa Group LLC, TSG Capital Advisors LLC, and TSG Alpha Partners LLC, No. 26-civ-06958 (S.D.N.Y. filed Aug. 14, 2026)
On August 14, 2026, the Securities and Exchange Commission charged New York resident Andrew Spaventa and three entities he owned and controlled with fraud and other violations in connection with unregistered securities offerings of private funds that purportedly provided retail investors an opportunity to invest
... Show Full Article
WASHINGTON, Aug. 18 -- The Securities and Exchange Commission issued the following litigation release:
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Securities and Exchange Commission v. Andrew Spaventa, The Spaventa Group LLC, TSG Capital Advisors LLC, and TSG Alpha Partners LLC, No. 26-civ-06958 (S.D.N.Y. filed Aug. 14, 2026)
On August 14, 2026, the Securities and Exchange Commission charged New York resident Andrew Spaventa and three entities he owned and controlled with fraud and other violations in connection with unregistered securities offerings of private funds that purportedly provided retail investors an opportunity to investin shares of "pre-IPO" private companies while charging hidden fees.
According to the SEC's complaint, between approximately December 2020 and June 2025, Spaventa, The Spaventa Group LLC, TSG Capital Advisors LLC, and TSG Alpha Partners LLC raised more than $74 million from more than 800 mostly retail investors across the United States for eleven private funds. Through entities he owned, Spaventa purchased the pre-IPO shares, either directly or through another investment fund, and then sold them in principal transactions to his funds at marked-up prices. These markups were then passed on to investors in the form of hidden fees charged on the sale of membership interests in the funds.
As alleged, Spaventa and the entities he controlled solicited these investments using over 100 "sales agents" to cold call and pitch the funds to thousands of prospective investors, many of them retirees, using high-pressure sales tactics. The defendants falsely told investors that they would pay either no upfront fees at all or upfront fees of at most 12.5%, when in reality, the prices investors paid were on average approximately 46% higher than the prices Spaventa paid for the investments. As a result of their fraud, the defendants collected approximately $23 million in upfront fees from unsuspecting investors - of which more than $12 million was funneled to their sales agents for commissions and approximately $4 million went to Spaventa personally.
The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, charges defendants with violating the antifraud, securities registration, and broker-dealer registration provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. It also charges Spaventa with control person liability and aiding and abetting violations. The complaint seeks permanent injunctions, disgorgement of ill-gotten gains and prejudgment interest, and civil penalties from all of the defendants, and conduct-based injunctions against Spaventa.
Investors can learn more about the risks of investing in pre-IPO offerings in this Investor Alert (https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-alerts/investor-48).
The SEC's investigation was conducted by Brian Kudon of the Enforcement Division's Asset Management Unit, and Margaret Spillane, Douglas Smith, and Elisa Solomon of the SEC's New York Regional Office, and was supervised by Lee A. Greenwood and Corey Schuster of the Asset Management Unit, and George Stepaniuk and Sheldon L. Pollock of the New York Regional Office. Ronald Krietzman, David Jaffe, John Celio, Stephen DeBella, and Kyle Duffy of the New York Regional Office's Broker-Dealer and Exchange Examination Program assisted with the investigation. The litigation will be led by Ms. Solomon and Ms. Spillane and will be supervised by Alexander Vasilescu of the New York Regional Office.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2026/comp-pr2026-75.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26611
FCC Wireline Competition Bureau Issues Public Notice: Comments Invited on Section 214 Applications to Discontinue Domestic Non-Dominant Carrier Telecommunications And/Or Interconnected VOIP Services
WASHINGTON, Aug. 18 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket Nos. 26-203, 26-204):
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Unless otherwise specified, the following procedures and dates apply to the application(s) (the Section 214 Discontinuance Application(s)) listed in the Appendix.
The Wireline Competition Bureau (Bureau), upon initial review, has found the Section 214 Discontinuance Application(s) listed herein to be acceptable for filing and subject to the procedures set forth in Section 63.71 of the Commission's rules./1 The application(s) request
... Show Full Article
WASHINGTON, Aug. 18 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket Nos. 26-203, 26-204):
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Unless otherwise specified, the following procedures and dates apply to the application(s) (the Section 214 Discontinuance Application(s)) listed in the Appendix.
The Wireline Competition Bureau (Bureau), upon initial review, has found the Section 214 Discontinuance Application(s) listed herein to be acceptable for filing and subject to the procedures set forth in Section 63.71 of the Commission's rules./1 The application(s) requestauthority, under section 214 of the Communications Act of 1934, as amended,/2 and section 63.71 of the Commission's rules,/3 to discontinue, reduce, or impair certain domestic telecommunications service(s) (Affected Service(s)) in specified geographic areas (Service Area(s)) as applicable and as fully described in each application.
In accordance with section 63.71(f) of the Commission's rules, the Section 214 Discontinuance Application(s) listed in the Appendix will be deemed granted automatically on September 17, 2026, the 31st day after the release date of this public notice, unless the Commission notifies any applicant(s) that their grant will not be automatically effective./4 We note that the date on which an application for Commission authorization is deemed granted may be different from the date on which applicants are authorized to discontinue service ("Authorized Date"). Any applicant whose application has been deemed granted may discontinue their Affected Service(s) in their Service Area(s) on or after the authorized discontinuance date(s) specified in the Appendix, in accordance with their filed representations. Accordingly, pursuant to section 63.71(f), and the terms outlined in each application, absent further Commission action, each applicant may discontinue the Affected Service(s) in the Service Area(s) described in their application on or after the authorized discontinuance date(s) listed in the Appendix for that application. For purposes of computation of time when filing a petition for reconsideration, application for review, or petition for judicial review of the Commission's decision(s), the date of "public notice" shall be the later of the auto grant date stated above in this Public Notice, or the release date(s) of any further public notice(s) or order(s) announcing final Commission action, as applicable. Should no petitions for reconsideration, applications for review, or petitions for judicial review be timely filed, the proceeding(s) listed in this Public Notice shall be terminated, and the docket(s) will be closed.
Comments objecting to the application(s) listed in the Appendix must be filed with the Commission on or before September 1, 2026. Comments should refer to the specific WC Docket No. and Comp. Pol. File No. listed in the Appendix for the Section 214 Discontinuance Application. Comments should include specific information about the impact of the proposed discontinuance on the commenter, including any inability to acquire reasonable substitute service. Comments may be filed using the Commission's Electronic Comment Filing System (ECFS). Electronic Filers: Comments may be filed electronically using the Internet by accessing the ECFS: https://www.fcc.gov/ecfs. Filers should follow the instructions provided on the Web site for submitting comments. Generally, only one copy of an electronic submission must be filed. In completing the transmittal screen, filers should include their full name, U.S. Postal Service mailing address, and the applicable docket number./5
Paper Filers: Parties who choose to file by paper must file an original and one copy of each filing. Filings can be sent by hand or messenger delivery, by commercial courier, or by the U.S. Postal Service. All filings must be addressed to the Secretary, Federal Communications Commission. Hand-delivered or messenger-delivered paper filings for the Commission's Secretary are accepted between 8:00 a.m. and 4:00 p.m. by the FCC's mailing contractor at 9050 Junction Drive, Annapolis Junction, MD 20701. All hand deliveries must be held together with rubber bands or fasteners. Any envelopes and boxes must be disposed of before entering the building. Commercial courier deliveries (any deliveries not by the U.S. Postal Service) must be sent to 9050 Junction Drive, Annapolis Junction, MD 20701. Filings sent by U.S. Postal Service First-Class Mail, Priority Mail, and Priority Mail Express must be sent to 45 L Street NE, Washington, DC 20554.
This proceeding(s) shall be treated as a "permit-but-disclose" proceeding(s) in accordance with the Commission's ex parte rules./6 Persons making ex parte presentations must file a copy of any written presentation or a memorandum summarizing any oral presentation within two business days after the presentation (unless a different deadline applicable to the Sunshine period applies). Persons making oral ex parte presentations are reminded that memoranda summarizing the presentation must (1) list all persons attending or otherwise participating in the meeting at which the ex parte presentation was made, and (2) summarize all data presented and arguments made during the presentation. If the presentation consisted in whole or in part of the presentation of data or arguments already reflected in the presenter's written comments, memoranda or other filings in the proceeding, the presenter may provide citations to such data or arguments in his or her prior comments, memoranda, or other filings (specifying the relevant page and/or paragraph numbers where such data or arguments can be found) in lieu of summarizing them in the memorandum. Documents shown or given to Commission staff during ex parte meetings are deemed to be written ex parte presentations and must be filed consistent with rule 1.1206(b). In proceedings governed by rule 1.49(f) or for which the Commission has made available a method of electronic filing, written ex parte presentations and memoranda summarizing oral ex parte presentations, and all attachments thereto, must be filed through the electronic comment filing system available for that proceeding, and must be filed in their native format (e.g., .doc, .xml, .ppt, searchable .pdf). Participants in this proceeding(s) should familiarize themselves with the Commission's ex parte rules.
People with Disabilities: To request materials in accessible formats for people with disabilities (braille, large print, electronic files, audio format), send an e-mail to fcc504@fcc.gov or call the Consumer & Governmental Affairs Bureau at 202-418-0530.
For further information, please see the contact(s) for the specific discontinuance proceeding you are interested in as listed in the Appendix. For further information on procedures regarding section 214 please visit https://www.fcc.gov/general/domestic-section-214-discontinuance-service.
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Footnotes:
1/ 47 CFR Sec. 63.71.
2/ 47 U.S.C. Sec. 214.
3/ 47 CFR Sec. 63.71.
4/ See 47 CFR Sec. 63.71(f)(1) (stating, in relevant part, that an application filed by a non-dominant carrier "shall be automatically granted on the 31st day... unless the Commission has notified the applicant that the grant will not be automatically effective.").
5/ Please note that Commission staff may share filed comments with the applicant(s), along with the commenter's contact information, in order to allow applicant(s) to identify affected customers in the proposed discontinuance area and fully respond.
6/ 47 CFR Sec. 1.1200 et seq.
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-864A1.pdf
FCC Wireline Competition Bureau Issues Public Notice: Comments Invited on Section 214 Application to Discontinue Domestic Telecommunications Services as Part of Technology Transition
WASHINGTON, Aug. 18 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket No. 26-202):
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Unless otherwise specified, the following procedures and dates apply to the application(s) (the Section 214 Discontinuance Application(s)) listed in the Appendix.
The Wireline Competition Bureau (Bureau), upon initial review, has found the Section 214 Discontinuance Application(s) listed herein to be acceptable for filing and subject to the procedures set forth in section 63.71 of the Commission's rules./1 The application requests authority,
... Show Full Article
WASHINGTON, Aug. 18 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket No. 26-202):
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Unless otherwise specified, the following procedures and dates apply to the application(s) (the Section 214 Discontinuance Application(s)) listed in the Appendix.
The Wireline Competition Bureau (Bureau), upon initial review, has found the Section 214 Discontinuance Application(s) listed herein to be acceptable for filing and subject to the procedures set forth in section 63.71 of the Commission's rules./1 The application requests authority,under section 214 of the Communications Act of 1934, as amended,/2 and section 63.71 of the Commission's rules,/3 to discontinue, reduce, or impair certain domestic telecommunications service(s) (Affected Service(s)) in specified geographic areas (Service Area(s)) as applicable and as fully described in each application.
In accordance with section 63.71(f) of the Commission's rules, the Section 214 Discontinuance Application(s) listed in the Appendix will be deemed granted automatically on September 17, 2026, the 31st day after the release date of this public notice, unless the Commission notifies any applicant(s) that their grant will not be automatically effective./4 We note that the date on which an application for Commission authorization is deemed granted may be different from the date on which applicants are authorized to discontinue service ("Authorized Date"). Any applicant whose application has been deemed granted may discontinue their Affected Service(s) in their Service Area(s) on or after the authorized discontinuance date(s) specified in the Appendix, in accordance with their filed representations. Accordingly, pursuant to section 63.71(f), and the terms outlined in each application, absent further Commission action, each applicant may discontinue the Affected Service(s) in the Service Area(s) described in their application on or after the authorized discontinuance date(s) listed in the Appendix for that application. For purposes of computation of time when filing a petition for reconsideration, application for review, or petition for judicial review of the Commission's decision(s), the date of "public notice" shall be the later of the auto grant date stated above in this Public Notice, or the release date(s) of any further public notice(s) or order(s) announcing final Commission action, as applicable. Should no petitions for reconsideration, applications for review, or petitions for judicial review be timely filed, the proceeding(s) listed in this Public Notice shall be terminated, and the docket(s) will be closed.
Comments objecting to the application listed in the Appendix must be filed with the Commission on or before September 1, 2026. Comments should refer to the specific WC Docket No. and Comp. Pol. File No. listed in the Appendix for the Section 214 Discontinuance Application. Comments should include specific information about the impact of the proposed discontinuance on the commenter, including any inability to acquire reasonable substitute service. Comments may be filed using the Commission's Electronic Comment Filing System (ECFS). Electronic Filers: Comments may be filed electronically using the Internet by accessing the ECFS: https://www.fcc.gov/ecfs. Filers should follow the instructions provided on the Web site for submitting comments. Generally, only one copy of an electronic submission must be filed. In completing the transmittal screen, filers should include their full name, U.S. Postal Service mailing address, and the applicable docket number./5
Paper Filers: Parties who choose to file by paper must file an original and one copy of each filing. Filings can be sent by hand or messenger delivery, by commercial courier, or by the U.S. Postal Service. All filings must be addressed to the Secretary, Federal Communications Commission. Hand-delivered or messenger-delivered paper filings for the Commission's Secretary are accepted between 8:00 a.m. and 4:00 p.m. by the FCC's mailing contractor at 9050 Junction Drive, Annapolis Junction, MD 20701. All hand deliveries must be held together with rubber bands or fasteners. Any envelopes and boxes must be disposed of before entering the building. Commercial courier deliveries (any deliveries not by the U.S. Postal Service) must be sent to 9050 Junction Drive, Annapolis Junction, MD 20701. Filings sent by U.S. Postal Service First-Class Mail, Priority Mail, and Priority Mail Express must be sent to 45 L Street NE, Washington, DC 20554.
This proceeding shall be treated as a "permit-but-disclose" proceeding in accordance with the Commission's ex parte rules./6 Persons making ex parte presentations must file a copy of any written presentation or a memorandum summarizing any oral presentation within two business days after the presentation (unless a different deadline applicable to the Sunshine period applies). Persons making oral ex parte presentations are reminded that memoranda summarizing the presentation must (1) list all persons attending or otherwise participating in the meeting at which the ex parte presentation was made, and (2) summarize all data presented and arguments made during the presentation. If the presentation consisted in whole or in part of the presentation of data or arguments already reflected in the presenter's written comments, memoranda or other filings in the proceeding, the presenter may provide citations to such data or arguments in his or her prior comments, memoranda, or other filings (specifying the relevant page and/or paragraph numbers where such data or arguments can be found) in lieu of summarizing them in the memorandum. Documents shown or given to Commission staff during ex parte meetings are deemed to be written ex parte presentations and must be filed consistent with rule 1.1206(b). In proceedings governed by rule 1.49(f) or for which the Commission has made available a method of electronic filing, written ex parte presentations and memoranda summarizing oral ex parte presentations, and all attachments thereto, must be filed through the electronic comment filing system available for that proceeding, and must be filed in their native format (e.g., .doc, .xml, .ppt, searchable .pdf). Participants in this proceeding should familiarize themselves with the Commission's ex parte rules.
People with Disabilities: To request materials in accessible formats for people with disabilities (braille, large print, electronic files, audio format), send an e-mail to fcc504@fcc.gov or call the Consumer & Governmental Affairs Bureau at 202-418-0530.
For further information, please see the contact(s) for the specific discontinuance proceeding you are interested in as listed in the Appendix. For further information on procedures regarding section 214 please visit https://www.fcc.gov/general/domestic-section-214-discontinuance-service.
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Footnotes:
1/ 47 CFR Sec. 63.71.
2/ 47 U.S.C. Sec. 214.
3/ 47 CFR Sec. 63.71.
4/ See 47 CFR Sec. 63.71(f)(1) (stating, in relevant part, that an application filed by "any carrier meeting the requirements of paragraph (f)(2)(ii) of this section shall be automatically granted on the 31st day... unless the Commission has notified the applicant that the grant will not be automatically effective."); see also 47 CFR Sec. 63.71(f)(2)(ii) (stating that "[a]n application to discontinue, reduce, or impair an existing retail service as part of a technology transition, as defined in Sec. 63.60(i), may be automatically granted only if: ...The applicant (A) Offers a stand-alone interconnected VoIP service, as defined in Sec. 9.3 of this chapter, throughout the affected service area, and (B) At least one other alternative stand-alone facilities-based wireline or wireless voice service is available from another unaffiliated provider throughout the affected service area."); Accelerating Wireline Broadband Deployment by Removing Barriers to Infrastructure Investment, WC Docket No. 17-84, Order, DA 25-248, para. 6 (WCB Mar. 20, 2025) (waiving the "stand-alone" requirement for a period of two years when a carrier seeks to discontinue a legacy voice service pursuant to section 214(a), thereby allowing carriers to satisfy both prongs of the Alternative Options Test with a bundled service) (Standalone Waiver Order)).
5/ Please note that Commission staff may share filed comments with the applicant(s), along with the commenter's contact information, in order to allow applicant(s) to identify affected customers in the proposed discontinuance area and fully respond.
6/ 47 CFR Sec. 1.1200 et seq.
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-863A1.pdf
FCC Wireline Competition Bureau Issues Public Notice: Comment Dates for Ensuring Children's Safe Use of Screens & E-Rate-Funded Services Notice
WASHINGTON, Aug. 18 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket Nos. 26-133, 13-184, 21-93, 21-455):
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By this Public Notice, the Wireline Competition Bureau (WCB) of the Federal Communications Commission (Commission) announces the comment and reply comment dates for the Ensuring Children's Safe Use of Screens and E-Rate-Funded Services Notice and Program Integrity Further Notice of Proposed Rulemaking./1
The Commission released the Notice and Further Notice of Proposed Rulemaking on June 26, 2026, seeking comment on
... Show Full Article
WASHINGTON, Aug. 18 -- The Federal Communications Commission's Wireline Competition Bureau issued the following public notice (WC Docket Nos. 26-133, 13-184, 21-93, 21-455):
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By this Public Notice, the Wireline Competition Bureau (WCB) of the Federal Communications Commission (Commission) announces the comment and reply comment dates for the Ensuring Children's Safe Use of Screens and E-Rate-Funded Services Notice and Program Integrity Further Notice of Proposed Rulemaking./1
The Commission released the Notice and Further Notice of Proposed Rulemaking on June 26, 2026, seeking comment onmeasures the Commission can take to empower parents, guardians, and teachers and better protect children when using E-Rate-funded networks and services. Additionally, the Further Notice of Proposed Rulemaking seeks comment on actions the Commission can take to further strengthen E-Rate program integrity and streamline program administration./2
The Notice and Further Notice of Proposed Rulemaking requires that comments and reply comments be filed no later than 60 and 90 days after publication in the Federal Register, respectively./3 On August 14, 2026, the Federal Register published a summary of the Notice and Further Notice of Proposed Rulemaking titled "FCC to Review ERate Program to Ensure Congress's Vision."/4 The August 14, 2026, Federal Register Notice establishes October 13, 2026, as the deadline for comments and November 12, 2026, as the deadline for reply comments./5 The Notice and Further Notice of Proposed Rulemaking and Federal Register Notice contain complete filing instructions./6
To request materials in accessible formats for people with disabilities (Braille, large print, electronic files, audio format), send an e-mail to fcc504@fcc.gov or call the Consumer and Governmental Affairs Bureau at 202-418-0530 (voice).
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Footnotes:
1/ Ensuring Children's Safe Use of Screens and E-Rate Funded Services; Modernizing the E-Rate Program for Schools and Libraries, Establishing the Emergency Connectivity Fund to Close the Homework Gap, Promoting Fair and Open Competitive Bidding in the E-Rate Program, WC Docket Nos. 26-133, et al., Notice of Proposed Rulemaking and Further Notice of Proposed Rulemaking, FCC 26-41 (2026) (Notice and Further Notice of Proposed Rulemaking).
2/ Id.
3/ Id. at 1.
4/ See FCC to Review E-Rate Program to Ensure Congress's Vision, 91 Fed. Reg. 52626 (Aug. 14, 2026) (Federal Register Notice).
5/ Id. at 52626.
6/ See Notice and Further Notice of Proposed Rulemaking at 50-51; Federal Register Notice at 52626.
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-865A1.pdf
NCUA IG: FY 2026 Audit of the NCUA's Compliance With FISMA 2014
ALEXANDRIA, Virginia, Aug. 17 (TNSLrpt) -- The National Credit Union Administration Inspector General issued the following audit report (No. 26-09) on August 13, 2026, entitled "FY 2026 Audit of the NCUA's Compliance with FISMA 2014."
Here are excerpts:
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Executive Summary
The Federal Information Security Modernization Act of 2014 (FISMA) requires federal agencies to develop, document, and implement an agency-wide information security program to protect their information and information systems, including those provided or managed by another agency, contractor, or other source. FISMA also
... Show Full Article
ALEXANDRIA, Virginia, Aug. 17 (TNSLrpt) -- The National Credit Union Administration Inspector General issued the following audit report (No. 26-09) on August 13, 2026, entitled "FY 2026 Audit of the NCUA's Compliance with FISMA 2014."
Here are excerpts:
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Executive Summary
The Federal Information Security Modernization Act of 2014 (FISMA) requires federal agencies to develop, document, and implement an agency-wide information security program to protect their information and information systems, including those provided or managed by another agency, contractor, or other source. FISMA alsorequires agency Inspectors General (IGs) to assess the effectiveness of their agency's information security program and practices. The Office of Management and Budget (OMB) and the National Institute of Standards and Technology (NIST) have issued guidance for federal agencies to follow. In addition, NIST issued the Federal Information Processing Standards to establish agency baseline security requirements.
The National Credit Union Administration (NCUA) Office of the Inspector General (OIG) engaged Sikich CPA LLC (Sikich) to conduct a performance audit in support of the FISMA requirement for an annual independent evaluation of the NCUA's information security program and practices. The objective of this performance audit was to assess the NCUA's compliance with FISMA and agency information security and privacy practices, policies, and procedures and ultimately to assess the effectiveness of the NCUA's information security program and practices.
The OMB and the Department of Homeland Security (DHS) provide federal agencies and IGs with instructions for preparing annual FISMA reports. On January 15, 2025, the OMB issued Memorandum M-25-04, Fiscal Year 2025 Guidance on Federal Information Security and Privacy Management Requirements,1 which provides reporting guidance for FISMA. Each year, IGs are required to complete the IG FISMA Reporting Metrics to assess the effectiveness of their agency's information security program and practices. The OMB, the Council of the Inspectors General on Integrity and Efficiency (CIGIE), and other stakeholders collaborated to develop FY 2025 Inspector General Federal Information Security Modernization Act of 2014 (FISMA) Reporting Metrics v2.0 (IG FISMA Reporting Metrics). The IG FISMA Reporting Metrics require us to assess the maturity of six Cybersecurity Framework (CSF)3 function areas in the agency's information security program and practices.
For this year's review, IGs were required to assess 20 core4 and 5 supplemental5 IG FISMA Reporting Metrics across 6 function areas--Govern, Identify, Protect, Detect, Respond, and Recover--to determine the effectiveness of their agency's information security program and the maturity level of each function area. The maturity levels are Level 1: Ad Hoc, Level 2: Defined, Level 3: Consistently Implemented, Level 4: Managed and Measurable, and Level 5: Optimized.
1 For FY 2026, OMB and DHS did not issue the annual FISMA instructions; we therefore performed the audit using the OMB issued Memorandum M-25-04, Fiscal Year 2025 Guidance on Federal Information Security and Privacy Management Requirements. See OMB Memorandum M-25-04 online here. 2 On March 17, 2026, the OMB and CIGIE, issued a joint communication directing IGs and independent external auditors to use the FY 2025 IG FISMA Reporting Metrics for FY 2026 FISMA audits. See the FY 2025 IG FISMA Reporting Metrics online here. 3 The IG FISMA Reporting Metrics align with the six functions in the NIST Cybersecurity Framework 2.0 (CSF): Govern, Identify, Protect, Detect, Respond, and Recover. The CSF provides agencies with a common structure for managing and reducing their cybersecurity risks across the enterprise and provides IGs with guidance for assessing the maturity of controls to address those risks.
Core metrics are assessed annually and represent a combination of administration priorities, high-impact security processes, and essential functions necessary to determine the effectiveness of a security program. The core metrics can be found in the FY 2025 IG FISMA Reporting Metrics online here. 5 Supplemental metrics are metrics that are not considered core but represent important activities conducted by security programs and contribute to the overall evaluation and determination of the effectiveness of the security program. The supplemental metrics can be found in the FY 2025 IG FISMA Reporting Metrics online here.
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View full report here: https://ncua.gov/files/audit-reports/oig-audit-compliance-fisma-2026.pdf
Bill Payment Firm Doxo to Pay $2.1 Million to Settle FTC Allegations It Deceived Consumers and Charged Them Add-On Fees
WASHINGTON, Aug. 17 -- The Federal Trade Commission issued the following news release:
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Bill Payment Firm Doxo to Pay $2.1 Million to Settle FTC Allegations It Deceived Consumers and Charged Them Add-On Fees
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Online bill payment firm Doxo will pay $2.1 million to settle Federal Trade Commission allegations that the company and two of its co-founders used misleading search ads to impersonate consumers' billers and misled consumers about millions of dollars in fees they tacked on to consumers' bills.
In a 2024 complaint, the FTC alleged that Doxo and two of its co-founders, Steve Shivers
... Show Full Article
WASHINGTON, Aug. 17 -- The Federal Trade Commission issued the following news release:
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Bill Payment Firm Doxo to Pay $2.1 Million to Settle FTC Allegations It Deceived Consumers and Charged Them Add-On Fees
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Online bill payment firm Doxo will pay $2.1 million to settle Federal Trade Commission allegations that the company and two of its co-founders used misleading search ads to impersonate consumers' billers and misled consumers about millions of dollars in fees they tacked on to consumers' bills.
In a 2024 complaint, the FTC alleged that Doxo and two of its co-founders, Steve Shiversand Roger Parks, used search ads and other advertisements to trick consumers into using Doxo's third-party bill payment platform to pay utility, car loan and other bills by disguising itself as the official payment channel for those bills. In fact, Doxo's landing page often featured other companies' names and sometimes even their logos. Doxo did not, however, have a relationship with the overwhelming majority of the companies it claimed were part of its payment network, according to the complaint.
The FTC alleged that Doxo added extra "delivery fees," which were not clearly disclosed, onto the bills it paid on behalf of consumers. Doxo also deceptively signed consumers up for its recurring subscription program. For example, Doxo failed to clearly and conspicuously disclose that delivery fees are waived only for certain payment methods and failed to clearly and conspicuously disclose the price of the subscription.
"Misleading search text ads thwart consumers' pursuit of information and undermine the integrity of the marketplace," said Christopher Mufarrige, Director of the FTC's Bureau of Consumer Protection. "Today's action underscores the FTC's commitment to stopping deceptive search text ads so that consumers can connect confidently with legitimate businesses, avoid hidden fees and make informed decisions."
At the request of the FTC, a federal court found that Doxo violated the Restore Online Shoppers' Confidence Act for failing to clearly disclose subscription terms and failing to obtain consumers' consent for subscription charges.
Under the proposed order settling the FTC's allegations, Doxo will be required to pay $2.1 million, which will be used for consumer redress. Doxo, Shivers and Parks also will be prohibited from:
* Misrepresenting their affiliation with billers when promoting or offering bill payment services and from using a biller's website address in any search advertisement or using the branded name or logo of any biller in a manner that misrepresents that Doxo is affiliated with the biller;
* Making misrepresentations regarding the amount consumers will pay, the nature or purpose of any fee or charge and the total cost or fees to use the defendants' bill pay platform;
* Using false representations to obtain customer's financial information;
* Making misrepresentations regarding a negative option feature, including the ability to cancel, and must notify consumers when they will be charged for a particular good or service, the deadline that customers must act to prevent or stop charges and the amount consumers will be charged unless they take steps to prevent the charges; and
* Charging consumers without obtaining their expressed informed consent.
The Commission vote approving the stipulated final order was 2-0. The FTC filed the proposed order in the U.S. District Court for the Western District of Washington.
NOTE: Stipulated final orders have the force of law when approved and signed by the District Court judge.
The lead staffers on this matter include James Doty, Wendy Miller and Edward Smith from the FTC's Bureau of Consumer Protection.
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Original text here: https://www.ftc.gov/news-events/news/press-releases/2026/08/bill-payment-firm-doxo-pay-21-million-settle-ftc-allegations-it-deceived-consumers-charged-them-add
