FINRA Seeks to Increase Control Over Expungement of Customer Dispute Disclosures
8/23/22
By: Leo Kogan
Federal law mandates that the Financial Industry Regulatory Authority (FINRA) collect and maintain information about the qualification, employment and customer complaint histories of brokers and other registered financial services professionals. To that end, FINRA maintains the Central …
Know when to fold ’em: spotting the first sign of troubled credit
2/16/22
By: Travis Knobbe
All too often, we get recovery files months, sometimes years, after the tipping point when assets begin depleting faster than they can be preserved to maximize lender recovery. To be fair, there are times when credit monitoring …
The preservation of appellate rights is critical to any trial
2/15/22
In a rare trade secret appeal involving two competitors in the alcohol sale software business, the United States Court of Appeals for the Eleventh Circuit provided a not-so-subtle reminder to all attorneys that correctly preserving appellate …
1/10/22
By: Kirsten Patzer and Courtney Mazzio
On October 27, 2021, the Federal Trade Commission (“FTC”) announced an update to the rules implemented by the Gramm-Leach-Bliley Act expanding the definition of “financial institutions” under the Financial Privacy Rule and requiring these …
Preparing for the end game when underwriting new credits
1/10/22
By: Travis Knobbe
Most financial institutions we have represented over the years make a fine-line distinction between loan officers and asset recovery officers. In many instances, this distinction makes sense. If a loan officer considers too openly the risk for …
Squeezing blood from stones: an introduction to creditors’ rights
12/15/21
By: Travis Knobbe
Creditors’ rights, practiced properly, is a truly unique intersection in the law. When I clerked with the Honorable William F. Stone, Jr., in the United States Bankruptcy Court for the Western District of Virginia, he said a …
Bill banning mandatory arbitration in financial services one step closer to becoming Law
12/6/21
By: Leo G. Kogan
Most retail investors have signed a customer agreement requiring that all claims against their broker or financial advisor be resolved through arbitration. Last week, the House Financial Services’ Committee took a step toward making such mandatory arbitration provisions a thing of the …
4/20/21
By: Kirsten Patzer
Even before Robinhood made headlines with the GameStop debacle earlier this year, the Massachusetts Securities Division and Secretary of the Commonwealth, William Galvin, had Robinhood in their sight. On December 16, 2020 the Massachusetts regulators brought their …
SEC and FINRA Release 2021 Examination Priorities
3/15/21
By: Chad Weaver and Tyler Jacobs
On March 3rd, the SEC Division of Examinations announced their 2021 examination priorities. Earlier this year, on February 2nd, FINRA released a report of Examinations and Risk Monitoring to provide …
Yes, Robinhood can, and should, halt the purchase of GameStop
1/29/21
By: Kirsten Patzer
In the wake of GameStop Corp. (GME) stock spiking as high as 800% over the last several weeks, broker dealers are stepping in to stop the madness. The lead up to Robinhood, Interactive Brokers, and other trading …
Statute of Limitations Tolled in California Amid Pandemic
8/3/20
By: Matthew Jones
In response to the COVID-19 pandemic, California’s Governor Gavin Newsom issued a “state of emergency” for the entire State. In response, the California Judicial Council adopted several Emergency Rules to implement during the pandemic. In particular, Rule 9 states …
FINRA Amends Rules to Incentivize Timely Payment of Arbitration Awards
6/17/20
By: Kathleen Cusack and Kirsten Patzer
On May 21, 2020, the Financial Industry Regulatory Authority (FINRA) announced that effective September 14, 2020, its Membership Application Program (MAP) rules will be amended to further incentivize the timely payment of arbitration awards. …