New York’s legislature granted final approval last Thursday to Gov. Andrew Cuomo’s proposed 2021 Executive Budget, ending a months-long policy battle to focus instead on the ongoing war with the coronavirus (“COVID-19”). The approved budget, however, is substantially different than the one originally proffered by Gov. Cuomo on January 21, 2020. As New
An investor alert this week from the Financial Industry Regulatory Authority, Inc. begins with the ominous warning, from “regulators, law enforcement agencies, and consumer organizations around the globe, the message is clear: fraudulent schemes related to the coronavirus (‘COVID-19’) pandemic have arrived.”
A recent investor alert from the Securities and Exchange Commission’s Office of Investor
Consumers may be struggling to come to grips with a “new normal” during the ongoing coronavirus (“COVID-19”) epidemic, but fraudsters are pressing forward with a variety of online scams and fraudulent conduct, swindling millions of dollars from American consumers just in a matter of weeks.
The Federal Trade Commission reports a recent spike in complaints
As the coronavirus (“COVID-19”) epidemic and its impact on the United States market continues to evolve, the Financial Industry Regulatory Authority, Inc. is granting “temporary” relief to broker-dealers and registered securities firms in its issuance of Regulatory Notice 20-08, reminding FINRA-member firms of their business continuity planning duties and obligations during the pandemic. Specifically,
In Dressler v. Equifax, Inc., et al., before entering final judgment in favor of all but one defendant, the United States District Court for the Middle District of Florida gave pro se plaintiff Sandra K. Dressler three attempts to amend her complaint, which alleged violations of various consumer protection statutes by student loan servicer
Ever steadfast in its mission to provide market transparency, this month the Financial Industry Regulatory Authority, Inc. announced the launch of a “targeted examination” of the sales practices of investment firms that claim to charge “zero commissions” on client trades, and “the impact that not charging commissions has or will have on the [f]irms’ order
Plaintiff Amanda Groettum may be alive and well, but in Groettum v. Kohl’s Department Stores, Inc., the United States District Court for the District of Minnesota laid to rest her claims under Minnesota’s credit defamation laws and any contention that the Fair Credit Reporting Act’s two preemption provisions are in conflict.
In her complaint,
The Financial Institutions Regulatory Authority proposed rule amendments to the Securities and Exchange Commission seeking to increase the minimum fees assessed by FINRA in arbitration cases where registered/licensed representatives, such as brokers and other securities industry professionals, aim to have customer complaints and other information expunged from their Central Registration Depository (“CRD”) records.
The CRD,
Last week, the Consumer Financial Protection Bureau issued a Policy Statement announcing a new designation for CFPB guidance, which will be known as “Compliance Aids.” In its announcement, the CFPB explained the legal status and effect of this designation. The full Policy Statement can be located here and became effective on February 1.
The Policy
On January 17, the Financial Industry Regulatory Authority Inc. promoted and named Jessica Hopper as Executive Vice President and Head of Enforcement. Hopper had been serving as the Acting Head of Enforcement since Susan Schroeder announced her departure in September 2019. Hopper now reports directly to CEO Robert Cook.
Hopper began working at FINRA in