- Criminal Judge Asks Cotchett, Pitre & McCarthy to Weigh in on PG&E's Safety Record
- Defrauded Investors May Lose Their Right to Recovery: Trump Administration Pushes for Regulatory Changes that Would Allow Companies to Avoid Securities Class Actions Through the Use of Mandatory Arbitration Agreements
- Finra Enacts Important Rule to Protect Seniors Against Fraudulent Activity
- The CPFB Remains Under Attack: Consumers Should Care About an Agency that has Recovered More than $11.9 Billion for Everyday Workers
- Supreme Court Upholds Right to Bring Securities Act Class Actions in State Court
- Cracking Down on the “Rehab Riviera”
- Protecting Our Seniors—Stating a Cause of Action for Elder Abuse is Not as Difficult as Defendants Often Claim
- “Smart” toys raise privacy and safety concerns for kids
- Strict new privacy and data protections soon take effect in European countries
- Is your cell phone tracking every move you make?
Showing 2 posts from May 2018.
In you have a brokerage account it is subject to oversight by FINRA (Financial Industry Regulatory Authority). Over the past several years FINRA has implemented new protections for senior citizens. An important new rule (FINRA Rule 2165) went into effect in February 2018 to address scams and other fraud targeting vulnerable adults. Rule 2165 is designed to protect two populations:
- Elders aged 65 and older; and,
- People over 18 who a brokerage firm “reasonably believes” have a mental or physical impairment that renders the individual unable to protect his or her own interests.
This wording dovetails nicely with FINRA’s “know your customer” rule (FINRA Rule 2090). Read More ›
The CPFB Remains Under Attack: Consumers Should Care About an Agency that has Recovered More than $11.9 Billion for Everyday Workers
Over the past several years we have posted news about the Consumer Financial Protection Bureau (“CFPB”). As attorneys focused on socially just causes, we care about the watchdog agency that was formed to protect the interests of everyday consumers against unscrupulous practices of financial institutions. The CFPB’s mission becomes that much more important in this era of forced arbitration and contractual class action bans. In more and more cases the courthouse doors are shut to consumers who have been defrauded by their banks, mortgage companies, payday lenders, and brokerage firms. Imagine your bank took $500 from your bank account without justification, what are your options? It used to be that you could band together with other bank customers who had the same thing happen, but in 2018 that is often not the case. This is one reason that the CFPB is so critically important – in a time when citizens’ rights to hold financial institutions accountable are being trampled, there at least was a government agencies that was designed to help injured consumers. Read More ›