WASHINGTON, D.C. — Stephen Hall, Legal Director and Securities Specialist, issued the following statement on tomorrow’s hearing titled “Small Print, Big Impact: Examining the Effects of Forced Arbitration,” being convened by the Senate Judiciary Committee: “We commend the Committee for continuing its work to shine a light on the harmful impact of forced arbitration clauses. […]
Better Markets’ Steve Hall at a U.S. Department of Labor public hearing on proposed rules to protect the retirement savings of millions of Americans. You can learn more about the event here. You can learn more about our views on these important proposals here. The video and text of Hall’s remarks are below: Good morning. […]
WASHINGTON, D.C.— Stephen Hall, Better Markets’ Legal Director and Securities Specialist, issued the following statement in connection with today’s filing of an amicus curiae brief in the U.S. Supreme Court in CFPB v. Community Financial Services Association of America. The brief was led by the Lawyers’ Committee for Civil Rights Under Law and joined by Better Markets […]
WASHINGTON, D.C.— Dennis Kelleher, Co-Founder, President, and CEO, issued the following statement on Better Markets’ Amicus brief filed in the case of Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc. in the United States Court of Appeals for the Second Circuit. “Goldman Sachs claims that it should not be liable for its false statements about […]
WASHINGTON, D.C.— President and CEO Dennis M. Kelleher issued the following statement in connection with sending a letter to Commodity Futures Trading Commission (CFTC) Chair Russ Behnam raising concerns related to the consideration of FTX’s auto-liquidation proposal: “Today Better Markets sent a letter to Chair Russ Behnam of the CFTC urging him to ensure the […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission in response to the agency’s proposed rules on security-based swap execution facilities: “These rules have taken years to develop but they will finally establish a critical set of reforms we need […]
WASHINGTON, D.C.— Better Markets’ Legal Director and Securities Specialist Steve Hall and Christine Lazaro, Professor of Clinical Legal Education and Director of the Securities Arbitration Clinic at St. John’s University School of Law, highlight the urgent need for the U.S. Department of Labor to strengthen protections for retirement investors and require financial advisors always to act […]
Washington, D.C. – Dennis Kelleher, President and CEO, issued the following statement in connection with the release today of Better Markets’ Rap Sheet Report: “The Report we are releasing today shows that Wall Street’s biggest banks have racked another $1 billion in fines in 35 cases in just the last 15 months. This lawbreaking comes […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule that would establish comprehensive cybersecurity disclosure requirements for publicly traded companies: “This proposal represents a major step forward in making sure […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposal to bring more transparency to short selling activity: “To protect investors and markets, short selling transparency must be increased. Disclosures must be […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) on the agency’s proposed rule that would require enhanced disclosures by private fund advisers and prohibit adviser practices that are especially harmful to fund investors: “The private funds […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) in response to the agency’s proposed rule that applies Regulation ATS governing “alternative trading systems” to platforms trading government securities and appropriately regulates Communication Protocol Systems as exchanges: […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) on the agency’s proposal to revise its rules governing reporting by those who acquire large ownership interests in public companies. “The SEC has rightly decided that it’s time […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission (SEC) on the agency’s proposal to rollback harmful limits on whistleblower awards: “The SEC’s whistleblower program has been an enormous success, yet in 2020, the SEC adopted rules that […]
WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Securities and Exchange Commission in response to the agency’s proposal to rein in abusive insider stock trading: “In light of the well-documented history of abuses involving insider trading by executives acting under the […]
FOR IMMEDIATE RELEASE Thursday, February 3, 2022 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.—Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, released the following statement after Better Markets and the Consumer Federation of America filed an amicus brief urging the U.S. Court of Appeals for the Tenth Circuit to reverse […]
FOR IMMEDIATE RELEASE Thursday, January 6, 2022 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Legal Director and Securities Specialist Stephen Hall issued the following statement on the filing of Better Markets’ Comment Letter to the Consumer Financial Protection Bureau on its proposal to require financial institutions to collect and report demographic and other data […]
FOR IMMEDIATE RELEASE Tuesday December 14, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President, and Chief Executive Officer of Better Markets, issued the following statement on today’s action by the Office of the Comptroller of the Currency to rescind its rule to rewrite the Community Reinvestment Act: “We applaud […]
FOR IMMEDIATE RELEASE Thursday, December 2, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, released the following statement ahead of Monday’s oral argument before the U.S. Supreme Court in the case of Hughes v. Northwestern University: “The Court has an opportunity to improve […]
WASHINGTON, D.C.— Today, Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement regarding the comment letter it filed and two comment letters it signed onto regarding the Office of the Comptroller of the Currency’s proposal to rescind its 2020 Community Reinvestment Act rule: “Better Markets has submitted a comment letter in […]
This case will determine whether the SEC can level the playing field for all investors or whether Citadel will succeed in protecting the status quo so it can continue raking in huge and unfair profits. The SEC approved an innovative new order type developed by a pro-investor exchange known as IEX, which helps neutralize the […]
WASHINGTON, D.C.—Stephen Hall, Better Markets Legal Director and Securities Specialist, released the following statement on the oral argument scheduled for Monday, October 25, 2021 before the D.C. Circuit in Citadel Securities LLC v. SEC: “Our securities markets are rigged in favor of Wall Street at the expense of everyday retail investors. A handful of high-frequency […]
WASHINGTON, D.C.—Stephen Hall, Better Markets Legal Director and Securities Specialist, released the following statement on the publication of a new Better Markets report, THE SUPREME COURT’S 2021-2022 TERM: A Review of the Cases Affecting Every American’s Financial Well-Being; A Look Back At Justice Kavanaugh’s Track Record; And An Update On The Court’s Transparency Challenges: “Every […]
Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the swearing-in of Rohit Chopra as the new Director of the Consumer Financial Protection Bureau (CFPB): “With Director Chopra officially installed as the CFPB’s Director, we can rest assured that the agency will once again fulfill its […]
Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the filing of a comment letter to the Securities and Exchange Commission (SEC) in response to their Request for Information (RFI) on digital engagement practices (DEPs) and the gamification of investing through online trading platforms and mobile apps: “We commend the […]
WASHINGTON, D.C.— Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement regarding the Senate’s confirmation of Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB): “We applaud the Senate for confirming Rohit Chopra as the new Director of the Consumer Financial Protection Bureau (CFPB). Mr. Chopra is […]
FOR IMMEDIATE RELEASE Monday, September 13, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C.—Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, released the following statement after Better Markets joined with AARP and other prominent public interest groups on a Supreme Court amicus brief filed today in the case of Hughes v. […]
FOR IMMEDIATE RELEASE Thursday, September 9, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Phillip Basil, Director of Banking Policy at Better Markets, released the following statement on a comment letter to the Federal Reserve Board led by the National Consumer Law Center: “Better Markets joined efforts led by the National Consumer Law […]
FOR IMMEDIATE RELEASE Tuesday, September 7, 2021 Contact: Evelyn Swan at 202-618-6433 or [email protected] WASHINGTON, D.C. — Today, Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, released the following statement on the U.S. District Court for the Western District of Texas’s recently issued decision to uphold the payment provisions in the Consumer Financial Protection […]
FOR IMMEDIATE RELEASE Wednesday, August 25, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement on Securities and Exchange Commission (SEC) Chair Gary Gensler’s appointment of Consumer Federation of America investor protection director Barbara Roper as a senior advisor: “Chairman […]
FOR IMMEDIATE RELEASE Tuesday, July 20, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on Amazon’s decision to dispense with mandatory arbitration: “Forced arbitration clauses that companies tuck into their fine-print agreements have been the bane of consumers […]
Better Markets released a blog post debunking three prominent de-regulatory myths in financial regulation. As new leadership is appointed at the regulatory agencies, now is a good time to reflect on some of the most egregious mistakes of the prior administration in the area of financial regulation—in short, to remember what not to do when it comes to […]
FOR IMMEDIATE RELEASE Thursday, June 24, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on today’s House vote to nullify the so-called “true lender” rule issued last October by the Office of the Comptroller of the Currency (“OCC”): […]
FOR IMMEDIATE RELEASE Monday, June 21, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the Supreme Court’s decision in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, issued this morning: “What’s at stake in the case […]
FOR IMMEDIATE RELEASE Monday, June 21, 2021 Contact: Doug Walker at 202-618-6430 or [email protected] Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the Supreme Court’s decision in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, issued this morning: “What’s at stake in the case […]
Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the release of a blog debunking three prominent de-regulatory myths in financial regulation: As the Biden administration installs new leadership at the regulatory agencies, now is a good time to reflect on some of the most […]
Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the release of a blog debunking three prominent de-regulatory myths in financial regulation: “As the Biden administration installs new leadership at the regulatory agencies, now is a good time to reflect on some of the most […]
Introduction: False Narratives Undermine Consumer Protection As the Biden administration settles in and installs new leadership at the regulatory agencies, it’s a good time to expose and debunk some of the myths that gained ground over the last few years. In short, as we move forward, it’s time to remember what not to do when […]
FOR IMMEDIATE RELEASE Tuesday, June 2, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, applauds Ally Bank’s action today to eliminate all overdraft fees: “We applaud Ally Bank for eliminating all overdraft fees on all accounts effective immediately without requirements or restrictions. We […]
FOR IMMEDIATE RELEASE Tuesday, June 2, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, applauds Ally Bank’s action today to eliminate all overdraft fees: We applaud Ally Bank for eliminating all overdraft fees on all accounts effective immediately without requirements or restrictions. We […]
Earlier this month, Better Markets joined more than 30 other prominent public interest groups in crafting and submitting a comment letter to the Department of Labor that called for further guidance and rulemaking to rein in adviser conflicts of interest that cost tens of millions of retirees tens of billions of dollars every year. Although […]
Better Markets filed a comment letter urging the CFPB to revisit two “heartless” and, frankly, despicable debt collection rules before they go into effect later this year. Earlier this month, Better Markets responded to a request for comment on a proposal to delay the effective date of two debt collection rules for 60 days. We […]
Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the filing of a comment letter to the CFPB today on the need for additional consumer protections against abusive debt collectors: “In 2020, the CFPB, under the leadership of former Director Kathleen Kraninger, finalized two rules on […]
House Financial Service Committee Chairwoman Maxine Waters held a third hearing on Thursday, May 6, to examine the recent market volatility involving GameStop and other stocks. The virtual hearing, “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide, Part III” can be viewed here. Also, Better Markets’ Dennis Kelleher recently discussed […]
FOR IMMEDIATE RELEASE Friday, May 7, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on a joint letter submitted to the Department of Labor (“DOL”) calling for further guidance and rulemaking to rein in adviser conflicts of interest: […]
If you think that the Supreme Court is not important to your financial and economic security, here’s $1.2+ billion reasons why you are wrong. On April 22, the Supreme Court handed the FTC a major defeat in its fight to deprive con artists of their ill-gotten gains and to return funds to injured investors. It […]
The Eighth Circuit Court’s rejection of a proposed class-action lawsuit from investors who accused TD Ameritrade of securities fraud is disappointing, denies investors their day in court, and inappropriately insulates the industry from meaningful scrutiny and accountability. Last week, the U.S. Court of Appeals for the Eighth Circuit sided with the brokerage firm which said that […]
FOR IMMEDIATE RELEASE Friday, April 23, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen Hall, Legal Director, and Securities Specialist released the following statement regarding today’s decision from the Eighth Circuit in Ford v. TD Ameritrade: “Today’s decision by the Eight Circuit Court will cause tens of millions of investors to […]
FOR IMMEDIATE RELEASE Wednesday, April 21, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Dennis M. Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, issued the following statement in response to the verdict in the murder trial of George Floyd: “Justice for all and equal justice under law are the […]
FOR IMMEDIATE RELEASE April 12, 2021 Contact: Pamela Russell at 202-618-6433 or [email protected] Washington, D.C. – Stephen Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement on the filing of an amicus brief defending a new order type that will help retail investors fight back against high-frequency trading (“HFT”) abuses, in […]
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