Agency accuses Illinois businessman of fraudulently luring investors into scheme focused on building a hotel and conference center.
Florida filing says Richard and Susan Olive bilked $75 million from more than 400 investors in more than 30 states.
Kansas Republican Moran says measure would make CFPB similar in structure to SEC, add accountability and oversight.
Instead of using investor funds to develop resort properties, SEC said, Cay Clubs executives used new investor deposits to pay leaseback returns to earlier investors.
The markets roiled several times last year, scaring investors to pull out and wait on the sidelines.
The full effect of the Dodd–Frank Wall Street Reform and Consumer Protection Act is still to be felt in the financial sector. Dodd-Frank creates an environment of increased scrutiny and heightened sensitivity by regulators and consumers.
Study shows 77% of senior financial services managers would consider ending relationships because of compliance concerns.
Credit unions pose diverse regulatory challenge, but some things apply to all sizes.
Market uncertainty, lack of member awareness cited as challenges in growing credit union retail investment programs.
On the heels of the announcement that SEC Chairman Mary Schapiro would be leaving the agency on Dec. 14, other officials followed suit.