The SEC permitted an associated person, who had been subject to statutory disqualification, to effect security-based swaps after he had (i) paid a penalty, (ii) completed a number of remedial requirements and (iii) maintained a clean record.
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Senate Banking Committee Chair Sherrod Brown urged Cameron Fowler, the CEO of Zelle, the instant payment platform co-owned by seven "Big Banks," to clarify the firm's policies protecting consumers from scams.
Senate Banking Committee Chair Sherrod Brown warned that "scammers and fraudsters have ramped up their efforts to take people’s money" through peer-to-peer payment apps, and criticized banks and financial service companies for standing "on the sidelines."
House Financial Services Chair Patrick McHenry challenged a CFPB proposed rule to expand its regulatory authority into the market for digital consumer payments.
A broker-dealer that sells mutual funds and variable products settled charges with FINRA for failing to supervise the outside business activities of its registered representatives.