The Financial Industry Regulatory Authority Inc. has fined Wells Fargo $1 million for failing to have in place reasonable supervisory systems to monitor advisers’ creation of consolidated reports for clients.
The Finra fine and settlement disclosed Monday cited Wells Fargo Advisors, which is now known as Wells Fargo Clearing Services, and Wells Fargo Advisors Financial Network for failing to enforce supervisory systems “for the use of consolidated reports generated by their registered representatives through a particular application that the firms made available” to brokers between June 2009 and June 2015.
WASHINGTON — The job of being Wall Street’s top cop might once again go to a former prosecutor.
Debra Wong Yang, a former Los Angeles U.S. attorney with close ties to New Jersey Gov. Chris Christie, is under consideration for nomination as chairman of the Securities and Exchange Commission, according to an official working with the transition team of President-elect Donald Trump. If Trump picks her, she would follow in the steps of the current chairman, Mary Jo White, who had also served as a federal prosecutor before taking over the SEC.
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After a ProPublica and New York Times investigation into New Jersey’s student loan program, Gov. Chris Christie stayed silent. On Monday, he signed a reform bill ending its most onerous practice.
New Jersey Gov. Chris Christie on Monday signed into law a bill requiring the state’s student loan agency to forgive the loans of borrowers who die or become permanently disabled.
Last July, an investigation from ProPublica and The New York Times found that New Jersey’s student loan agency aggressively sought repayment of loans with alreadyonerous terms, even after some of the recipients had died. The efforts had traumatized grieving families, and forced some into financial ruin.
The state loan agency, known formally as the Higher Education Student Assistance Authority, is responsible for roughly $1.9 billion in outstanding loans. Christie, who appointed the agency’s top official and has the power to veto any action taken by the agency’s board, would not respond when presented with ProPublica’s findings last summer.
The investigation by ProPublica and the Times, however, did prompt a legislative hearing, and Monday’s action by Christie is the culmination of efforts by state lawmakers to reform the loan agency’s operations.