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WASHINGTON/NEW YORK (Reuters) – A bipartisan group of U.S. senators sent a letter to regulators on Thursday expressing concern that financial technology startup Robinhood may not be offering full transparency to its customers over the botched launch of its new cash management service raffinati cufflinks uk online. The senators asked for an update on how regulators “carefully monitor fintechs who, intentionally or not, blur financial products for a competitive advantage.”. “Indeed, robust competition should not come at the expense of customer clarity, and every effort should be made not to mislead customers,” said the letter, addressed to the heads of the Securities and Exchange Commission, the Federal Deposit Insurance Corporation and the Securities Investor Protection Corp..
The letter was sent by Republican senators John Kennedy and Jerry Moran and Democratic senators Doug Jones, Brian Schatz, Jack Reed, Robert Menendez and Mark Warner. A Robinhood spokesman declined to comment. Last Thursday Robinhood announced that it was launching a “checking and savings” service paying 3 percent interest and said customer deposits would be insured by SIPC for up to $250,000. A day after the announcement, the CEO of SIPC, an industry nonprofit created by Congress to help recover customer assets when brokerages go under, told reporters he did not believe the fund would actually insure Robinhood’s accounts raffinati cufflinks uk online.
In response Robinhood altered the product’s name on its website to “cash management” and removed references to SIPC insurance. A blog from the company’s founders did not clarify whether the new service would be insured. “We are concerned that rebranding Robinhood’s original announcement to cash management may simply be a way to circumvent regulatory scrutiny without offering full transparency to its customers,” the letter said raffinati cufflinks uk online. “As of December 20, over 850,000 people have signed up for the wait list for Robinhood’s new service, and some of these individuals may have signed up before Robinhood retracted its SIPC insurance claim.”..
NEW YORK (Reuters) – Oil prices fell about 5 percent on Thursday, hitting their lowest level in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets. Brent crude LCOc1 futures fell $2.89, or 5.05 percent, to settle at $54.35 a barrel. U.S raffinati cufflinks uk online. West Texas Intermediate (WTI) crude CLc1 futures fell $2.29, or 4.75 percent, to settle at $45.88 a barrel. Brent hit a session low of $54.28 a barrel, its lowest price since mid-September 2017, while WTI sank to $45.67, its lowest price since late August 2017..
(GRAPHIC: Fed Open Market Committee projections – tmsnrt.rs/2A6JneW). Global stock markets dropped after the U.S. Federal Reserve raised rates on Wednesday and maintained most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook raffinati cufflinks uk online. U.S. stock markets continued their decline on Thursday, dragging oil prices lower. [.N]. “Any additional weakening in risk appetite as underscored by a further drop in the equities could easily keep the speculative entities in WTI engaged in exiting remaining long holdings,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note..