The power of social media and its influence on growth in the financial industry is mesmerizing. However, the conspicuous absence of guidance from regulators, which may be holding back many credit unions from taking the plunge.
The SEC and the Commodity Futures Trading Commission said a preliminary review showed that there were no "fat finger" errors, computer hacking, or terrorist activity involved in the May 6 market drop.
Huddled in a room last week, SEC Chairman Mary Schapiro met with the leaders of the six exchanges to get to the bottom of what caused unusual trading activity and enormous stock market selloff on May 6.
Calling it a "multilevel Ponzi hydra" that promised sky-high returns in the crude oil bond market, the Michigan Office of Finance and Insurance Regulation said it has stopped a Ponzi scheme
The Michigan Office of Finance and Insurance Regulation has stopped a $5 million Ponzi scheme involving an independent contractor licensed through CUSO Financial Services LP who worked from MidWest Financial Credit Union.