The House Financial Services Capital Markets Subcommittee plans to hold an oversight hearing May 1 regarding the Financial Industry Regulatory Authority, which will likely probe the self-regulator’s controversial Comprehensive Automated Risk Data System, or CARDS.
Ketchum was scheduled to testify before the House Financial Services Committee in mid-March regarding the CARDS plan, but the hearing was postponed.
The controversial CARDS plan would be a rule-based program that would allow FINRA to collect — on a standardized, automated and regular basis — account information, as well as account activity and security identification information, from firms.