Big SEC Penalties May Be History Under New Chair
Acting SEC Chair Piwowar’s recent decisions and comments regarding penalties suggest a move away from higher and higher penalties against advisors.
Female Advisors More Likely to Be Fired for Misconduct Than Male Advisors: NBER Study
Study found “the financial industry is willing to give male advisors a second chance, while female advisors are likely to be cast from the industry.”
Wells Fargo Card Requests Drop by Most Since Scandal Erupted
New checking accounts fall 43%, marking sixth straight decline; Mack says "it will take time" to work through reforms.
IRS Shuts Down Financial Aid Tool Over Security Concerns
College students and families can work around the outage, but it may dissuade some applicants.
FINRA Hires Senior Advisor to CEO Cook
Nathaniel Stankard will provide advice on such issues as FINRA’s strategic review of its operations.
Trump’s Justice Department Says CFPB Should Not Be Independent
A federal court is preparing to take up the constitutionality of the consumer bureau, an agency that Republicans and financial companies have long criticized.
OCC Releases New Licensing Regulations for Fintech Bank Charters
Financial technology companies are now one step closer to having the means to apply for special purpose national bank charters.
Tech Exec Gets 9 Years in Prison Over Fraudulent Stock Offering: Enforcement
In other enforcement news, an auditor was charged with insider trading on a client’s nonpublic information.
For Fiduciary Rule, Morningstar Sees Up to $150M in Annual Class Action Settlements
Labor’s estimate of compliance costs for individual large financial firms is low, Morningstar says.
Commission Clients Don’t Favor Switch to Fees: J.D. Power
Full-service clients have strong views on their retirement accounts and how they like to pay for them, a J.D. Power poll finds.