🔨 Corporate Offenders Just Got Put On Notice...

Good morning. US stock futures dipped in Tuesday morning trading as US manufacturing data weighed on market sentiment.

🏦 Regulator sets up registry for financial offenders

📝 Our report: The U.S. consumer financial watchdog is rolling out a public database to spotlight nonbank financial companies that break consumer laws, aiming to catch and deter corporate repeat offenders. New regulations require debt collectors, mortgage and payday lenders, credit reporting companies and other nonbank financial services companies, many of which are not otherwise registered or licensed, to inform the Consumer Financial Protection Bureau (CFPB) of actions taken against them at the federal, state and local level, the agency said.

 🔑 Key points:

• "Too many American families and businesses have been harmed by repeat offenders in a rinse repeat cycle of illegal activity where bad actors see fines and penalties as just the cost of doing business," CFPB Director Rohit Chopra said in an interview.

• The database will be partly available to the public online and should also be used by state attorneys general and other regulators as well as investors and creditors performing due diligence, according to the agency statement.

• CFPB officials say the new registry, first proposed in late 2022, continues an agency push to fight corporate recidivism following the creation that year of a Repeat Offender Unit within its supervision program.

💡 So what: The CFPB setting up a registry of corporate offenders has several implications: it increases transparency by making information about nonbank financial companies that violate consumer laws publicly accessible, which helps consumers make informed decisions and deters companies from engaging in illegal practices due to the risk of public exposure. It also aids regulators in monitoring and enforcing consumer protection laws, potentially leading to financial consequences for listed companies, such as loss of customers and increased scrutiny from investors and partners. Additionally, it may prompt more legal actions against offenders, ultimately enhancing accountability and promoting fair practices in the financial industry.

Tuesday - No Major Economic News

Wednesday - US Trade Deficit

Thursday - No Major Economic News

Friday - Consumer Credit, US Unemployment Rate

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🛑 Technical glitch forces halt to stock trading on NYSE

WHAT: A technical glitch temporarily froze some stocks on the New York Stock Exchange, causing at least one to momentarily plummet almost 100%. The New York Stock Exchange said in a trading update that trading was halted “in a number of stocks” following a technical issue related to the publication of some pricing data.

WHY: The industry has just moved to a new system where the settlement of stock trades happen much faster than they used to. Now, most stock trades need to settle in one business day after a deal is made, instead of the prior requirement of two days.

✈️ Airlines fined millions over delayed COVID refunds

WHAT: The U.S. Transportation Department (USDOT) has slapped Lufthansa, KLM Royal Dutch Airways, and South African Airways with a collective $2.5 million in fines for significant delays in providing more than $900 million in refunds owed to passengers due to flights disrupted by the COVID-19 pandemic. In 2022, Transportation Secretary Pete Buttigieg said the U.S. government had completed 10 airline investigations into delayed pandemic passenger refunds and that 10 more were pending.

WHY: In January 2023, USDOT said it planned to seek higher penalties for airlines and others that broke consumer protection rules, saying they were necessary to deter future violations.

💎 Diamond supplier culls man-made diamonds experiment

WHAT: De Beers is calling it quits on their six-year experiment with lab-grown diamonds, ditching a venture that shattered one of their oldest taboos. The company introduced Lightbox to sell synthetic diamonds at a steep discount to rival producers in an attempt to drag prices lower and create a clear divide in consumers’ minds.

WHY: Industry participants are still divided on what the long-term impact of synthetics will be and how much of the current diamond industry weakness is cyclical, rather than a structural change, partly brought about by lab-grown alternatives..

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