O ur patchwork system of U.S. state and federal financial regulators is confusing and, at times, redundant. Yet that redundancy means when one regulator is neutered, another can step in. As the Trump administration moves to reduce federal regulations, states (in particular, Democratic-controlled ones) are rushing to fill the gap.
The latest example came earlier this week, when New York Attorney General Letitia James announced a lawsuit against Early Warning Services, the bank-owned company behind popular money transfer app Zelle. The suit alleges that Early Warning let fraud proliferate on Zelle for several years and didn’t do enough to stop…
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