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Joon H. Kim

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Joon H. Kim’s practice focuses on white-collar criminal defense, internal corporate investigations, regulatory enforcement, and crisis management, as well as complex commercial litigation and arbitration.

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For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.

The new administration has recently taken steps to reduce or even eliminate the role of the Consumer Financial Protection Bureau (CFPB) in the supervision of certain financial institutions and the enforcement of federal consumer protection statutes.  While these actions represent a significant departure from the prior administration’s approach to consumer protection, and while a less active CFPB will likely reduce the federal regulatory burden on entities that have been subject to CFPB supervision, consumer financial protection enforcement is not likely to disappear. Instead, it will likely shift to state attorneys general (AG), which had already been active, along with the CFPB, in consumer protection.  This means entities that provide products or services in the consumer finance space will need to continue to be attentive to federal consumer protection statutes (such as the Consumer Financial Protection Act) that can be enforced by states, to state consumer protection statutes, and to state AG inquiries.Continue Reading Consumer Protection Compliance Remains Crucial in Spite of CFPB Work Stoppage

Introduction

In this three-part series, we discuss recent developments relating to whistleblower programs in the United States (read here). Second, we review whistleblower initiatives in other jurisdictions over the past year (read here). Third, we consider emerging issues and considerations for companies in relation to whistleblower reports.Continue Reading Whistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part Three: Looking Ahead

Introduction

In this three-part series, we discuss recent developments relating to whistleblower programs in the United States.  Second, we review whistleblower initiatives in other jurisdictions over the past year.  Third, we consider emerging issues and considerations for companies in relation to whistleblower reports.Continue Reading Whistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part Two: Global Developments

Introduction

Whistleblower programs have proliferated and been growing in importance in the criminal and regulatory enforcement landscape globally.  In this three-part series, we first discuss recent developments in whistleblower programs in the United States.  Second, we review whistleblower initiatives in other non-U.S. jurisdictions over the past year.  Third, we address how developments in whistleblower programs impact corporations.Continue Reading Whistleblowing in Focus: Recent Developments, Emerging Issues, and Considerations for Companies. Part One: Developments in the U.S.

On January 10, 2024, the U.S. Attorney’s Office for the Southern District of New York (“SDNY”) announced the creation of the SDNY Whistleblower Pilot Program (the “Pilot Program”).[1]  Under the Pilot Program, individuals who self-disclose certain criminal misconduct that involves business organizations to SDNY and cooperate fully may be eligible for a Non-Prosecution Agreement (“NPA”).[2] Continue Reading SDNY Announces Whistleblower Pilot Program For Individuals Who Self-Disclose Wrongdoing Involving Business Organizations

On September 1, 2023, U.S. District Judge Pamela K. Chen of the Eastern District of New York granted a judgment of acquittal in the latest FIFA bribery prosecution, holding that the federal honest services statute, 18 U.S.C. § 1346, does not cover foreign commercial bribery in light of recent Supreme Court precedent.Continue Reading U.S. District Court Tosses FIFA Bribery Convictions, Finding Honest Services Statute Does Not Reach Foreign Commercial Bribery

On March 3, 2023, Assistant Attorney General (“AAG”) Kenneth A. Polite announced revisions to two Department of Justice (the “DOJ”) Criminal Division policies and the launch of a new pilot program, as well as a forthcoming re-issuance of the FCPA Resource Guide in Spanish later this month.[1]  His announcement follows a speech by Deputy Attorney General (“DAG”) Lisa O. Monaco the day before previewing the policy changes.[2]  In parallel, the DOJ published (1) a new Compensation Incentives and Clawback Pilot Program (the “Pilot Program”),[3] (2) revised Evaluation of Corporate Compliance Programs (“ECCP”) guidance,[4] and (3) a revised Memorandum on the Selection of Monitors in Criminal Division Matters (the “Corporate Monitor Memorandum”).[5]Continue Reading Department of Justice Announces Revisions to Criminal Division Policies

On February 22, 2023, the Department of Justice announced a new corporate Voluntary Self-Disclosure Policy for U.S. Attorney’s Offices nationwide (the “USAO Policy”).Continue Reading U.S. Attorney’s Offices Issue Nationwide Corporate Voluntary Self-Disclosure Policy

The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2023”.

The Securities and Exchange Commission (SEC) and Department of Justice (DOJ) ramped up their enforcement efforts in 2022, often in highly coordinated actions, including with other regulatory agencies such as the Commodity…

Following a speech by Assistant Attorney General Kenneth A. Polite on January 17, 2023, the DOJ issued additional guidance on changes to the Corporate Criminal Enforcement Policy, focused on voluntary self-reporting.

The policy increases, and makes more explicit and concrete, the potential benefits for companies to self-disclose misconduct, cooperate, and remediate, as well as the…