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Complete Story
09/11/2023
US CFTC official pushes for national financial fraud database
WTVB
NEW YORK (Reuters) – A top U.S. regulator on Monday proposed the creation of a federal registry to make it easier for investors and law enforcement to dig up information on past financial fraud convictions and civil fines.
Christy Goldsmith Romero, a commissioner of the Commodity Futures Trading Commission (CFTC), said in remarks at a conference that she is pushing for U.S. regulators to create a searchable, centralized database of financial misconduct that could make it easier for the public to arm themselves against fraudsters.
“This would be a comprehensive record that the public can easily check before giving someone their money, their trust and their business,” she said at an industry conference.
While some regulators compile databases of disciplinary actions or consumer complaints, there is no national database to make it easier to search across federal agencies or state regulators.
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