An investment adviser settled charges with the SEC for failing to timely disclose the adviser's "control" purpose, with respect to an issuer whose shares it had acquired for the account of a hedge fund that it managed.
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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 broadband connectivity company settled charges with the SEC for failing to maintain internal accounting controls intended to ensure that the company's stock buybacks were conducted in accordance with management authorizations.