Strengthen FINRA cybersecurity standards and consumer protections to prevent ACATS brokerage fraud.

U.S. Senators Ron Wyden and Elizabeth Warren today called for the Financial Industry Regulatory Authority (FINRA) to strengthen consumer protections and prevent Automated Customer Account Transfer Service (ACATS) brokerage fraud.

Warren and Wyden called for FINRA to strengthen cybersecurity and consumer-protection standards to prevent ACATS brokerage fraud.

[2026-08-20] Wyden, Warren Demand FINRA Strengthen Cybersecurity Standards to Prevent ACATS Brokerage Fraud | The United States Senate Committee on Finance
primary · press_release · model gpt-5.5

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U.S. Senators Ron Wyden and Elizabeth Warren today called for the Financial Industry Regulatory Authority (FINRA) to strengthen consumer protections and prevent Automated Customer Account Transfer Service (ACATS) brokerage fraud.

Unverified model/legacy excerpt; not proof. AI summary (separate from source): Official Senate Finance release documents Warren's concrete advocacy for stronger FINRA ACATS consumer protections, but it is a request rather than an enacted rule.

unresolved same_term A for effort

[2026-08-20] Wyden, Warren Demand FINRA Strengthen Cybersecurity Standards to Prevent ACATS Brokerage Fraud | The United States Senate Committee on Finance
primary · model gpt-5.5 · confidence 94%

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FINRA must protect consumers by modernizing its rules, establishing immediate requirements for notification of transfers and consumer-managed transfer locks in the short term, and requiring a secure process for consumers to approve outgoing transfers from their accounts in the longer term.

Unverified model/legacy excerpt; not proof. AI summary (separate from source): The Warren-Wyden letter defines the requested deliverables: binding notification requirements, consumer-managed transfer locks, and secure outgoing-transfer approval.

unresolved same_term A for effort

08.20.2026 Wyden Warren FINRA Letter ACATS Security
secondary · model gpt-5.5 · confidence 95%

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This Notice does not create new legal or regulatory requirements or new interpretations of existing requirements, nor does it relieve firms of any existing obligations under federal securities laws and regulations.

Fetched verbatim passage. AI summary (separate from source): FINRA's existing ACATS fraud guidance remained nonbinding, supporting that the Warren demand for enforceable standards had not already been delivered.

unresolved same_term

Regulatory Notice 23-06 | FINRA.org
secondary · model gpt-5.5 · confidence 93%

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FINRA is proposing to amend FINRA Rules 0150 (Application of Rules to Exempted Securities Except Municipal Securities), 2165 (Financial Exploitation of Specified Adults) and 4512 (Customer Account Information) and to adopt new FINRA Rule 2166 (Temporary Delays for Suspected Fraud) to modernize protections for senior and vulnerable investors and to make additional fraud prevention tools available for all customers.

Fetched verbatim passage. AI summary (separate from source): Within the lookback window, FINRA filed a proposed rule that would add fraud-prevention tools, including temporary delays, but it was a proposal pending SEC action.

unresolved same_term A for effort

34-106275.pdf
secondary · model gpt-5.5 · confidence 92%

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Proposed Rule 2166 would provide member firms with a safe harbor from Rule 11870 when a firm acts in accordance with the requirements of the proposed rule. Amendments to Rule 11870 are outside the scope of this proposal, but FINRA is separately considering whether additional steps may be appropriate to deter fraud in the new account opening and account transfer processes.

Unverified model/legacy excerpt; not proof. AI summary (separate from source): The proposal touches ACATS by offering a Rule 11870 safe harbor, but it does not amend ACATS transfer rules or fully implement Warren's requested standards.

partial same_term A for effort

34-106275.pdf
secondary · model gpt-5.5 · confidence 88%

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SR-FINRA-2026-018 | Financial Industry Regulatory Authority (FINRA) | Notice of Filing of a Proposed Rule Change to Amend FINRA Rules 0150 (Application of Rules to Exempted Securities Except Municipal Securities), 2165 (Financial Exploitation of Specified Adults) and 4512 (Customer Account Information) and to Adopt FINRA... Comments Due: September 30, 2026

Unverified model/legacy excerpt; not proof. AI summary (separate from source): The SEC rulemaking page still listed the relevant FINRA fraud-protection rule as a filing with comments due after the as-of date, indicating no final approval by September 21, 2026.

unresolved same_term

SEC.gov | Self-Regulatory Organization Rulemaking
secondary · model gpt-5.5 · confidence 90%