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CFPB slams BofA with quarter-billion-dollar settlement
The bureau will keep $90 million, with the rest going to consumers, Office of the Comptroller of the Currency.
Financial industry, regulators likely to clash over rules slated for second half
The Labor Department's advice rule is likely to lead to controversy over whether a recommendation to roll funds from a 401(k) to an IRA constitutes advice.
Investors continue to get roasted in pig-butchering schemes
The Alabama Securities Commission issues a cease-and-desist against two men who scammed 88 victims out of more than $22.5 million.
FDIC hit with $1.9 billion suit from SVB Financial
The parent of failed Silicon Valley Bank is chasing cash held by the regulator.
Regulators likely to take wait-and-see approach on AI
The SEC is working on proposed rules related to artificial intelligence and other technologies, and Senate Majority Leader Chuck Schumer has announced a framework for AI legislation.
SEC charges former Army financial counselor with Gold Star family frauds
The regulator alleges unauthorized trading for recommending inappropriate investments forbenefits including $50,000 of a minor child whose parent died on active duty.
Move over Shark Week, July is ESG Month
House Republicans have planned six hearings in their anti-ESG blitz, along with bill markups dedicated to the topic.
Finra expels brokerage for Reg BI violations
Reps traded excessively in 110 customer accounts, racking up close to $4 million in commissions and trading costs.
House GOP members probe ESG policies at BlackRock, Vanguard
Republican lawmakers fired off letters to financial industry giants warning their efforts to combat climate change could violate antitrust law.
SEC set to release new rules for money-market funds
The agency plans to hold a meeting next Wednesday to finalize its changes, which could result in a clash with the $5.5 trillion industry.
UBS ordered to pay investor $532,846 for overly risky portfolio
Lawyer claims award was a 'poor decision' and should have been bigger.
BlackRock wants to slash costs of trading bitcoin
But will the SEC agree that the asset manager’s refiled application will facilitate the democratization of crypto trading?
401(k) lawsuit over ESG is a sign of the times
A plaintiff alleges that ESG led to lower returns, but the case brought against American Airlines' defined-contribution plan might be more political than substantive.
Financial Professionals Coalition seeks to help ‘disenfranchised’ financial advisors
Former Finra board member Stephen Kohn set up the group to help advisors who are looking for a new job, seeking to address a customer complaint on their record, or need help with a range of other issues.
Finra dings Hightower with $353,000 penalty over alt sales
Both GPB private placements and the LJM mutual fund were widely sold by brokerage firms prior to 2018.
Finra posts net loss of $218.1 million for 2022
The broker-dealer regulator's revenue fell as a result of a decline in the market transactions on which Finra charges fees.
Fidelity leads flurry of bitcoin ETF refilings to answer SEC questions
All five of the refiled applications indicated that Coinbase will provide market surveillance for their funds, a fact that wasn't included in previous iterations.
SEC’s rejection of BlackRock bitcoin ETF unlikely to derail eventual approval
Rejection screams 'we're ready to approve,' says financial planner.
Advisors, be careful what you wish for with interest rates
'When an advisor or client stretches for yield, that’s when they can get hit,' one financial advisor notes.
Student loan court ruling is a ‘one-two punch’ for clients
Advisors react to financial challenge posed by Supreme Court's decision, combined with the lifting in October of a freeze on student loan payments
