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,
On April 22, 2020, Troutman Sanders attorneys, Maryia Jones and Stephen J. Steinlight, will serve again on the faculty for their webinar series by Lorman Educational Services entitled, “Collection Disputes: A Good Defense Is the Best Offense.”
The credit and collection industry remain under an increased scrutiny from regulators and legislators and
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
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,
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
The Financial Industry Regulatory Authority has proposed new legislation aimed at curtailing the growing problem of unpaid arbitration awards, particularly those against brokerage firms that either become inactive or declare bankruptcy. According to FINRA, most unpaid customer arbitration awards are rendered against inactive brokerage firms or individual brokers, meaning those whose registration has been terminated
Massachusetts is proposing a bill to regulate student loan servicers and bring the Commonwealth in line with other states, including Connecticut, Colorado, Illinois, Maine, Maryland, Nevada, New Jersey, New York, Rhode Island, and Washington, all of which have passed new legislation to regulate the student loan industry. Similar legislation recently has been introduced, but not
Effective October 16, the New York State Department of Financial Services adopted final regulations impacting student loan servicers operating in the state. The legislation, titled Article 14-A, passed in April 2019 and imposes new licensing requirements and servicing standards on institutions that service loans for borrowers residing in New York. The new regulations will affect
The Consumer Financial Protection Bureau is amending Regulation C under the Home Mortgage Disclosure Act (“HMDA”), extending the current temporary threshold for collecting and reporting data about open-end lines of credit until January 1, 2022. The rule also incorporates partial exemptions from the Economic Growth, Regulatory Relief, and Consumer Protection Act
With oversight from the Securities and Exchange Commission, the Financial Industry Regulatory Authority is preparing revisions to its rules aimed at amending the process for expungement filings and hearings. FINRA believes its new rules will increase the level of scrutiny on licensed brokers and financial advisors seeking to erase customer complaints from their regulatory records.