Predatory high-frequency traders cost investors billions a year. By exploiting technical quirks in the systems individuals use to trade stocks, they are able to turn huge profits at the expense of savers, retirees, and institutional investors without adding anything to the marketplace. IEX has proposed a new order type that will help investors fight […]
FOR IMMEDIATE RELEASE Wednesday, April 8, 2020 Contact: Pamela Russell at [email protected] Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to the Federal Reserve’s announcement today giving Wells Fargo temporary, targeted and conditional relief from the asset cap to enable the bank to help its customers […]
FOR IMMEDIATE RELEASE March 31, 2020 Contact: Pamela Russell at [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding Wells Fargo’s reported request that the Federal Reserve lift the asset cap it imposed due to the bank’s decade of customer exploitation and extensive controls […]
FOR IMMEDIATE RELEASE Wednesday, March 18, 2020 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the quickest way to help Main Street families facing coronavirus-related layoffs and loss of paychecks: “More than half of all jobs in the U.S., nearly 80 million, […]
On March 2, 2020, former CEO and Chairman of Goldman Sachs, Lloyd Blankfein, tweeted the following regarding the Coronavirus crisis: “Good risk management: at this point, go all-in on social separation, and all-in on financial relief to those most economically vulnerable (individuals and sm biz). Save the second guessing for later. I would welcome [it] if we […]
By Stephen Hall and Micah Hauptman (this blog article originally appeared in The FinReg Blog — Commentary by faculty and affiliates of the Duke Law Global Financial Markets Center) Introduction In June 2019, the Securities and Exchange Commission (“SEC”) finalized Regulation Best Interest (“Reg. BI”) on a 3-1 vote, with strong support from the broker-dealer […]
FOR IMMEDIATE RELEASE Tuesday, March 3, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement as the Supreme Court hears oral argument in Liu v. SEC, a case that will determine whether the Securities and Exchange Commission (“SEC”) can still seek to […]
FOR IMMEDIATE RELEASE Friday, February 21, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Dennis M. Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the settlement announced today among the Department of Justice, the Securities and Exchange Commission and Wells Fargo & Co.: “For more than a decade, Wells Fargo […]
FOR IMMEDIATE RELEASE Thursday, January 30, 2020 Contact: [email protected], 202-618-6433 Washington, D.C. – Dennis M. Kelleher, Chief Executive Officer of Better Markets, issued the following statement with respect to the Commodity Futures Trading Commission’s (CFTC) newest proposal of a position limits rule: “The CFTC is required by law to prevent excess speculation in the derivatives […]
Supreme Court Brief | Stopping Crooks from Keeping the Money They Rip Off from Investors (Supreme Court Brief here and press release here) One of the most basic principles of law is that – not matter what else –– a crook should and must give up the money he or she took from the unsuspecting […]
FOR IMMEDIATE RELEASE Thursday, January 23, 2020 Contact: 202-618-6433, [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement about the amicus brief filed in the Supreme Court by Better Markets, the Center for Responsible Lending, and the National Consumer Law Center, in Liu v. SEC on […]
FOR IMMEDIATE RELEASE Wednesday, January 8, 2020 Contact: Christopher Elliott, 202-618-6433, [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor, issued the following statement in response to the actions taken by the Securities and Exchange Commission (SEC) today at the meeting that approved on a party-line 3-2 vote a proposal regarding stock exchanges and […]
FOR IMMEDIATE RELEASE Monday, January 6, 2020 Contact: Christopher Elliott, 202-618-6433 [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist for Better Markets, issued the following statement about the amicus brief filed by Better Markets and the Consumer Federation of America (CFA) in support of a legal challenge to the SEC’s “Regulation […]
The Federal Deposit Insurance Corporation (FDIC) exists to protect bank depositors and taxpayers, but – shockingly – the new Chairwoman ranks this priority as a “third goal” behind helping finance “innovate” and a new-found “balanced” interpretation of the law. Our President and CEO, Dennis Kelleher, was on a panel right after her speech at the Brookings […]
FOR IMMEDIATE RELEASE Wednesday, December 18, 2019 Contact: Christopher Elliott, 202-618-6433, [email protected] Washington, D.C. – Lev Bagramian, Senior Securities Policy Advisor at Better Markets, issued the following statement in response to the SEC’s regulatory actions: “Christmas came early for Wall Street today as the SEC opened a big bag of gifts for the financial industry […]
Making crooks and lawbreakers give up their ill-gotten gains is critical to making sure “crime does not pay,” which is key to deterring future crimes. After all, if you get to keep what you illegally took, that wasn’t yours, then you are incentivized to do it again. This is called “disgorgement” and should always be […]
This is a perfect illustration of why people look at Washington as a rigged system greased by the revolving door and cash that benefit Wall Street’s biggest banks and insiders and hurt hardworking Main Street Americans. Eugene Scalia, on behalf of his financial industry clients, worked overtime to weaken, gut or kill the investor protection […]
FOR IMMEDIATE RELEASE Tuesday, October 29, 2019 Contact: Christopher Elliott, 202-618-6433 Washington, D.C. – Dennis Kelleher, Chief Executive Officer of Better Markets, issued the following statement in response to reports that government ethics rules won’t prevent Eugene Scalia from participating in the Department of Labor’s re-write of a key investor protection rule: “On behalf of […]
People should not be ripped off and, if they are, the predators should be caught, punished and the victims should be compensated. That, however, requires an effective cop on the beat: to deter, investigate, catch, prosecute and punish the bad guys. That’s why the Consumer Financial Protection Bureau (CFPB) was created: to protect financial consumers. In fact, […]
By Dennis Kelleher (this op-ed originally appeared in The Hill) Twelve Democratic presidential candidates will be in Ohio Tuesday night for the fourth televised debate of the 2020 campaign. Each hopes to win the right to challenge President Trump next November. But before they can win votes, they’ll have to win the hearts and minds […]
The sad truth is that 75% of Americans are losing faith in the American Dream, and less than 20% of Americans even believe they are living it now. That’s because economic insecurity, anxiety and despair are haunting millions of American families as they work harder and harder for less and less, struggling just to make […]
Oral Argument Scheduled this Friday, October 11, 2019 New York Stock Exchange LLC v. SEC, No. 19-1042 (D.C. Cir.) Summary – A case being heard this Friday, October 11th, before the D.C. Circuit will have a profound and lasting impact on the way virtually all stocks are traded on U.S. exchanges. The law requires brokers […]
As the front-line regulator of the broker-dealer profession, FINRA must do more to live-up to its mandate of investor protection and market integrity by expelling brokerage firms that specialize in harming investors. These are “predator wolf-pack” firms populated with recidivist brokers whose business model appears to be maximizing profits by targeting and ripping off unsuspecting […]
FOR IMMEDIATE RELEASE Tuesday, September 24, 2019 Contact: [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in connection with filing a comment letter today on the SEC’s Concept Release on Harmonization of Securities Offering Exemptions: “The SEC’s so-called ‘harmonization’ concept release contemplates building on and […]
Almost all Americans pay their debts and most of those who don’t are facing circumstances beyond their control like unemployment, a medical calamity, and other usually tragic occurrences. Congress enacted the Fair Debt Collection Practices Act (FDCPA) to protect those vulnerable Americans from shocking, egregious, and abusive practices by the debt collection industry: calling homes repeatedly day […]
This is a shocking and disturbing story of dereliction of duty by FINRA and the SEC, and egregious, repeated misconduct by JP Morgan Chase, including the creation of false evidence by a “compliance manager” used to corrupt a FINRA arbitration in retaliation against a whistleblower. The hair-raising expose reveals many of the flaws in […]
Better Markets filed an amicus brief urging the D.C. Circuit Court of Appeals to uphold the SEC’s critical Transaction Fee Pilot program, which it initiated last year to study the effects of the legalized kickbacks large exchanges offer to brokers to attract orders. As we explained in our brief, these kickbacks hurt both large and small […]
FOR IMMEDIATE RELEASE Wednesday, September 18, 2019 Contact: [email protected] Washington, D.C. – Dennis M. Kelleher, President and CEO of Better Markets, issued the following statement with the filing of a comment letter on the Consumer Financial Protection Bureau’s (“CFPB’s”) proposed rules implementing the Fair Debt Collection Practices Act: “Almost all Americans pay their debts and […]
FOR IMMEDIATE RELEASE Monday, September 16, 2019 Contact: [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist at Better Markets, made the following statement in connection with the release of a Report and accompanying Summary on President Trump’s nominee, Eugene Scalia, to be Secretary for the Department of Labor (DOL): “As an […]
By Dennis Kelleher (this op-ed originally appeared in The Hill) The economy is one of the most important issues to American voters, regardless of party affiliation. This makes sense given how much economic stress and distress tens of millions of American families are suffering. They are working harder and harder for less and less, barely […]
FOR IMMEDIATE RELEASE Tuesday, September 10, 2019 Contact: [email protected] Washington, D.C. – Stephen W. Hall, Legal Director and Securities Specialist at Better Markets, issued the following statement following news that seven states have filed a lawsuit in Federal Court challenging the SEC’s so-called “Regulation Best Interest”: “This is a good day for investors, and we […]
What’s Below? A Debate Night Thought: Wall Street Should Be Rooting for Elizabeth Warren! Better Markets Speaks Truth to Power at Fed Stress Tests Conference A Debate Night Thought: Wall Street Should Be Rooting for Elizabeth Warren! The Democratic candidates are debating again tonight and tomorrow night. While they will no doubt talk about lots of […]
Better Markets President and CEO Dennis Kelleher was asked to testify at a key Senate hearing on June 25, when he reminded lawmakers that America’s top five gigantic, derivative-dealing banks must be properly regulated, serve Main Street instead of threatening it, and never again get taxpayer bailouts. Almost everything you buy (gas, cereal, coffee, etc.) […]
It’s hard to believe, but some brokerage firms specialize in hiring recidivist brokers — those with 3, 4, 5 and even more customer-related disciplinary infractions on their record. These “predator wolf-pack” firms populated with recidivist brokers have a business model that maximizes profits by targeting and ripping off unsuspecting, vulnerable and often elderly investors, breaking […]
A decent job with good wages that can support a family, buy a home, put the kids through college while saving for retirement and maybe even going on a nice vacation once in a while. A future for the kids that is better than your past and present. Those are or were the core pillars of The […]
Wall Street banks and corporations and their lobbyists, trade groups and political allies have been trying for years to take away the rights that consumers and investors have to recover money when they are ripped off by those banks and corporations. They do this by prohibiting victimized customers from going to court and forcing them […]
Too often bad laws, rules and regulations are obfuscated with ambiguous language and provisions or outright false wrapping and rhetoric. That’s what happened this week when the SEC finalized a misleadingly labeled rule called “Regulation Best Interest,” which actually doesn’t do what the SEC spinners are claiming. Better Markets and all the consumer and investor advocates criticized […]
If you have a Chase credit card, Chase is about to take away your legal rights if Chase rips you off. But, you can stop them if you act quickly. We will explain below what they are doing, why it’s so important for you to stop them, and how to stop them. However, if you […]
FOR IMMEDIATE RELEASE Wednesday June 5, 2019 Contact: [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement in response to the SEC’s vote today to finalize its misleadingly labeled “Regulation Best Interest”: “On the 85th anniversary of the founding of the SEC, the SEC is turning […]
FOR IMMEDIATE RELEASE Wednesday, May 29, 2019 Contact: [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement and Fact Sheet in advance of the SEC’s June 5, 2019 meeting to finalize its so-called “Regulation Best Interest” proposal: “Tens of millions of America’s investors and retirees are […]
It’s easy to get distracted by the outrage-of-the-day coming from the Trump White House. But a must-read article posted by the New York Times ahead of its publication in this Sunday’s magazine really reinforces the importance of looking beyond the latest Tweet to see the serious and potentially lasting damage being done. The piece, “Mick […]
As if it wasn’t enough that new CFPB Director Kathy Kraninger was doing her best to help predatory payday lenders, a federal judge in Texas decided to leave in place a stay on the compliance date of the payday lending rule. As a result of a ruling by U.S. District Judge Lee Yeakel, payday lenders […]
As if it wasn’t enough that new CFPB Director Kathy Kraninger was doing her best to help predatory payday lenders, a federal judge in Texas decided to leave in place a stay on the compliance date of the payday lending rule. As a result of a ruling by U.S. District Judge Lee Yeakel, payday lenders will […]
FOR IMMEDIATE RELEASE Wednesday, March 27, 2019 Contact: Nick Jacobs, 202-618-6430 or [email protected] Washington, D.C. – Dennis Kelleher, President and Chief Executive Officer of Better Markets, issued the following statement regarding the ruling by the Supreme Court in Lorenzo v. SEC that individuals can be liable for fraud when they disseminate fraudulent information, even if […]
Many years ago, after depositing a check in your bank, it would take several days for the funds to get from the place where the money was to your bank. During that time, those funds would not be available to you at your bank. However, once the funds arrived and were available to your financial […]
To protect Main Street Americans — consumers, investors, homeowners, students, soldiers, retirees and the elderly — from predatory financial behavior and financial instability that can lead to devastating financial crashes like 2008, the Dodd Frank law created the Consumer Financial Protection Bureau (CFPB). It was designed to be and has been a powerful, independent and […]
(this op-ed originally appeared in The Hill) The Consumer Financial Protection Bureau (CFPB) has been an effective watchdog for consumers. However, since President Trump was elected, it has increasingly been protecting financial predators rather than financial consumers. The CFPB’s recent announcement that it was overhauling the payday lending rule is the latest example of that transformation. Better Markets recently detailed how the CFPB’s proposal would […]
To protect Main Street Americans — consumers, investors, homeowners, students, soldiers, retirees and the elderly — from predatory financial behavior and financial instability that can lead to devastating financial crashes like 2008, the Dodd Frank law created the Consumer Financial Protection Bureau (CFPB). It was designed to be and has been a powerful, independent and […]
By Dennis Kelleher (this op-ed originally appeared in The Hill) More than a year has passed since the American people belatedly learned about the shocking Equifax breach that exposed more than 145 million Americans’ personal information to the dark web where identities are sold and stolen. Now, a year later, nothing has been done to […]
by Dennis Kelleher (originally appeared in The Hill) To protect Main Street Americans — consumers, investors, homeowners, students, soldiers, retirees and the elderly — from predatory financial behavior and financial instability that can lead to devastating financial crashes like 2008, the Dodd-Frank law created the Consumer Financial Protection Bureau (CFPB). It was designed to be […]
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