Industry groups representing the brokerage sector have been working to gin up opposition to FINRA's controversial proposal for a data-sharing system, warning that the so-called CARDS system would carry high compliance costs and put clients' information at risk, among other concerns.

Meanwhile, some consumer advocates are urging FINRA to move ahead with the rules, arguing that they are a needed protection for investors from industry abuses such as churning and pump-and-dump schemes. 

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