The Federal Reserve lowered interest rates for the first time in four years. Fed members told us back in the summer a rate cut was a near certainty for its September meeting. Most financial experts and many of the betting markets expected a quarter percentage point reduction. Resourceful Finance Pro expected at least a half-point […]
The feds are making an example of companies that don’t keep records of electronic communications. Even the numbers-crunchers aren’t immune to making sloppy — and costly — mistakes. The Securities & Exchange Commission (SEC) doled out $49 million in fines to some of the largest credit rating agencies that investors rely on for accurate info. […]
Twenty-six financial firms are on the hook for $392.75 million in fines for securities recordkeeping violations. Several of the brokers, dealers and investment advisers made themselves a target by not keeping records of their communications. “Off-channel” communication enforcement efforts are up under the Securities & Exchange Commission (SEC). The feds stressed the need for greater […]
So is the long-predicted recession near — or here already? Depends on who you ask. The traditional bellwether of a recession, gross domestic product (GDP), says it’s not. After all, GDP grew by 2.8% in the 2nd quarter of 2024, a marked improvement over Q1. But 60% of Americans emphatically say “yes” — the current […]
Public companies expect third-party audits to be thorough and accurate. Many aren’t getting the results they expect. The Public Company Accounting Oversight Board (PCAOB) is back with its annual report on broker and dealer (B&D) audits. The board reviewed compliance reports and exemption reports for 60 randomly selected auditing firms in 2023 (in previous years, […]
The list of fraudulent brokerages, securities firms and even financial regulators just keeps getting longer. Hundreds, potentially thousands, of scam artists are on the prowl, looking to pick the pockets of investors who don’t double check a company’s on the up and up. The U.S. Securities and Exchange Commission (SEC) announced the names of scammers […]
The Small Business Administration (SBA) is launching a line of credit program that gives small businesses up-front access to capital and more room to borrow. Biz owners can use all the help they can get as more banks are tightening credit limits this year. The 7(a) Working Capital Pilot (WCP) is a flexible line of […]
Back in 2013, the Securities & Exchange Commission (SEC) accused hedge fund manager George Jarkesy of defrauding two investors. Unlike most folks charged with securities fraud, Jarkesy refused to settle and be done with it. Fast forward 11 years: The Supreme Court (SCOTUS) will soon rule on whether someone charged with a crime by a […]
Let’s be real: The enthusiasm behind real-time (or instant) payments stems almost entirely from the seller’s side of B2B. After all, whether we’re talking about a mom-and-pop vendor or a multinational corporation, who doesn’t prefer getting paid sooner rather than later? And in the business-to-consumer realm, the majority of consumers like real-time too. The selling […]
