Symphony Communications LLC | Senator Warren asks regulators about concerns related to new system that could hide Wall Street communications, hinder enforcement

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Symphony Communications LLC | Senator Warren asks regulators about concerns related to new system that could hide Wall Street communications, hinder enforcement

Symphony Communications LLC | Senator Warren asks regulators about concerns related to new system that could hide Wall Street communications, hinder enforcement

WASHINGTON, DC – In a letter sent to six financial regulators today, United States Senator Elizabeth Warren (D-Mass.) asked about compliance and enforcement issues related to a new communications tool created by Symphony Communications LLC for use by financial institutions. The senator raised concerns about Symphony’s description of the new system, “which appear(s) to put companies on notice – with a wink and a nod – that they can use Symphony to reduce compliance and enforcement concerns,” and asked the federal regulators for information about the impact of this system on their ability to enforce the law.

In her letter, which was sent to heads of the Federal Deposit Insurance Corporation (FDIC), Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), Department of Justice (DOJ), Consumer Financial Protection Bureau (CFPB), and Financial Industry Regulatory Authority (FINRA), Senator Warren noted that Symphony has described its system as a way to “prevent government spying,” with “no backdoors,” suggesting that it could be used to to reduce compliance and enforcement concerns.

Senator Warren explained, “The communications that Symphony will allow companies to hide from ‘government spying’ – such as text messages and chat room transcripts – have proven to be ‘key evidence’ in many previous regulatory and compliance cases that have uncovered criminal action by Wall Street…If banks are now making this information more difficult for regulators to obtain and interpret, it could prevent these regulators from identifying and preventing future illegal behavior.”

Read the full text of the letters here:

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One Response to “Symphony Communications LLC | Senator Warren asks regulators about concerns related to new system that could hide Wall Street communications, hinder enforcement”

  1. crittermom says:

    Unreal. Absolutely unreal that the crimes so blatantly continue, with greed producing new ways to circumvent the laws. And so blatantly, laughing in our faces!
    I have to wonder if Hillary has a financial stake in this business, as that kind of secretive communication seems to be right up her alley. (Wouldn’t it be interesting if somewhere in those millions of emails she sent from her personal acct she mentioned this company? Tho’ be assured, any financial involvement on her part would be far removed from view).

    Thank you Senator Warren for continuing to illuminate these wrongdoings the public should know about, & letting the govt know others ARE watching. (I refuse to call it “my” govt anymore)

    I just read the letter. It’s good. Yet I wonder if the SEC or others will comply with your request for further info?
    After all, it was the SEC along with the Fed Reserve that decided overnight to close down the Independent Foreclosure Review & award victims pennies with no right of appeal, when full disclosure was mere months away after all the effort to set up the review was revealing the fact we all got screwed.
    Oops! Slap a fine on ’em, shut it down before it costs the poor banks any more money, & tell the victims to take their pittance, shut up, & go away.

    Keep fighting for this country, Senator Warren. It’s certainly been proven the majority of the govt of this once great country has only their personal agendas in their plans, & to hell with us citizens!

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