May 7, 2010, file photo. Traders work on the floor of the New York Stock Exchange the day after the "Flash Crash" and The Dow Jones industrials dropped 1,000 points. The crash brought scrutiny to high-frequency trading and other computerized strategies that move buy and sell orders at blinding speeds.
The Securities and Exchange Commission (SEC) charged a New York trading firm with the largest fine ever for breaking rules designed to keep risky trades from unraveling the financial system.
It is also the first time the SEC penalized a high-frequency trader.
High-frequency traders, or flash traders, make millions of trades a minute. They are the focus of an ongoing debate over whether those trades make the market function better or exploit slower, traditional traders.
On the same day Apple unveiled a new mobile payment system, regulators warned Capitol Hill about the hazards of non-bank companies having access to financial data.
"Ironically," regulators said Tuesday, Home Depot also confirmed the theft of banking data from millions of customers.
Apple says their payment system is designed to be more secure than the one Home Depot uses, but it is also one more company with access to your financial data that’s not subject to government oversight.
New York Attorney General Eric Schneiderman, accompanied by Attorney General Eric Holder, speaks at the Justice Department in Washington, Friday, Jan. 27, 2012, after Holder announced the formation of the Residential Mortgage-Backed Securities Working Group.
Bank of America, the second largest U.S. bank, reached a record-breaking settlement totaling more than $16 billion dollars with federal and state prosecutorsover alleged fraud that led to the financial collapse in 2008. The settlement was the work of the Residential Mortgage-Backed Securities Working Group.
Back in 2012, President Obama said the State of the Union was getting stronger, the country was getting a foothold in the economic recovery, and he announced what would later be called the Residential Mortgage-backed Securities Working Group.
New York banking regulators are investigating one of the nation's largest non-bank mortgage servicing companies, Ocwen Financial, over worries the company is bilking $65 million a year in kickbacks from both struggling homeowners and investors.
Watchdogs are scrutinizing the controversial, but common, practice of forcing homeowners to buy overpriced property insurance once they fall behind in their mortgage payments.