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AI is facilitating financial fraud, Treasury warns
Advances in artificial intelligence make it easier for criminals to impersonate customers and craft increasingly sophisticated email phishing attacks, according to a report.
AllianceBernstein 401(k) lawsuit booted
A court dismissed the case, pointing to the facts that the company waived fees for its participants and didn't really benefit from the assets.
Repeat flubs at Stifel over complex products: Finra
Stifel broker-dealers agree to fines and restitution of almost $3 million as a result of shortcomings in supervision and compliance related to sales of non-traditional exchange-traded products.
Reining in regulation by enforcement
The Financial Services Institute is asking the SEC to adopt a procedural framework to detect and prevent certain unfair enforcement practices.
Schlichter explores pension risk transfer lawsuit against Alcoa
The law firm, which has brought two cases this month over pension risk transfers, is looking for participants and beneficiaries of Alcoa's pension plan.
Environmentalists, conservatives sue SEC over climate rule
If anyone needed proof that many groups are unhappy with the rule, both the Sierra Club and US Chamber of Commerce have filed court papers.
Finra orders Morgan Stanley to pay ex-brokers roughly $3M
An arbitration panel rules in favor of former advisors who claimed the firm had delayed compensating them for their work, violating ERISA rules.
The Ohtani situation is a reminder about athletes and money
Advisors caution professional athletes to hire teams and give associates limited access to their accounts.
House panel pushes repeal of DOL independent contractor rule
Committee votes 21-13 to undo the contentious DOL regulation, paving the way for the measure to be considered by the full House.
Investing in precious metals may not be so safe, regulators warn
Joint effort by CFTC, NASAA and Finra flags risks and potential fraud, including common falsehoods and scams aimed at IRA investors.
Finra bars former ETrade employee
The former rep refused to cooperate with an investigation alleging that he transferred funds from a client account without authorization
Social Security backs off tough stance on recouping overpayments
Commissioner Martin O'Malley, in his early days on the job, said that practices will change next week.
Republicans propose raising retirement age
The proposal sets the stage for an election-year fight with President Biden, who accused the GOP of going after entitlement programs during his State of the Union address.
Fed still looking at 3 rate cuts in 2024, but sees fewer next year
Policymakers now see just three rate reductions in 2025, down from the four they forecast in December, following a recent uptick in inflation.
Bank customers are concerned about overregulation: ABA report
A banking industry survey reveals a high satisfaction with financial institutions.
Industry groups accuse SEC of trying to ‘vastly expand its authority’ over dealer rule
Three associations say investors will lose out from expanded dealer definitions.
Finra fines M1 Finance in landmark social media enforcement
The regulator hands down a $850,000 penalty after finding noncompliant promotional messages from M1's finfluencer army.
Texas anti-ESG laws costing state more than $700M, study says
The restrictions have negative economic consequences, according to research supported by business groups.
SEC sues two firms over bogus AI claims
Delphia and Global Predictions both made 'false and misleading statements' about their use of artificial intelligence, the SEC says.
Osaic, Securities America fined by Finra over cybersecurity
The regulator fined the firms $150,000 each for failures related to protecting thousands of clients’ private information and cybersecurity gaffes.