Clearing and Custodial Firms
Read up on clearing and custodial firms serving RIAs and others in the wealth management arena.
Banks Brace for Era of Consumer Data Sharing
By Paige Smith & Katanga JohnsonThe CFPB says bank clients will be able to demand, download and transfer their highly-coveted data to other financial firms for free. The final rule should cover checking accounts, credit cards and digital wallets, but not mortgages, student loans or car loans.
October 10, 2024
TD Fined $3.1B, Hit With Asset Cap Over Money LaunderingThe news follow Toronto-Dominion Bank's guilty plea over its failure to prevent money laundering by drug cartels and other criminals.
September 17, 2024
Schwab Expects Revenue to Rebound After Slump Earlier This YearFewer customers are shifting money in search of higher yields, the firm reported Monday.
September 13, 2024
Wells Fargo Clearing to Pay $3M Over Reps' Unsuitable TradesThe firm failed to supervise short-term trading of income-generating securities, FINRA says.
September 11, 2024
Schwab Discriminated Against Pregnant Advisor: LawsuitThe former associate advisor says the firm failed to accomodate her need to take frequent breaks.
September 05, 2024
BNY to Buy Archer Platform in Wealth PushThe deal should help BNY with the infrastructure for and distribution of managed accounts to financial advisors and their clients.
August 21, 2024
TD Takes $2.6B Hit on Probe, Sells Schwab SharesThe bank is selling part of its stake in Charles Schwab to cover fines it expects to pay for failures in its money-laundering controls.
August 14, 2024
Advisor Accused of Stealing Millions From Widowed Aunt, Former ExecScott Mason and his firm may have misappropriated money from several other investors, the widow's lawyer says.