Regulation

Lincoln Financial Group says it took swift action to safeguard private consumer information and beef up its security policies, after it discovered vulnerabilities in a Web-based system that stored consumer account records for two of its business units.

The regulator said the companies had failed to adequately safeguard non-public customer information.

James Shorris is set to return to the private sector in April after more than seven years in enforcement leadership roles at the organization.

Senate Banking Committee members raised a host of concerns Thursday about the state of the financial services industry as regulators grapple with a mountain of new rules mandated by the Dodd-Frank Act.

Senate Banking Committee Republicans worry Securities and Exchange Commission chairman Mary Schapiro and other regulators are rushing to implement rules mandated by the Dodd-Frank Act without sufficient regard to cost-benefit analyses or public comments.

The CFP Board of Standards handed down disciplinary actions against 27 financial planners who use the CFP mark, the board announced.

The sweeping move affected financial planners in 14 states, and is the largest number of sanctions that the CFP Board has issued in three years, Dan Drummond, a CFP Board spokesman said in a telephone interview Wednesday morning.

Just one day after the Municipal Securities Rulemaking Board issued a draft rule on muni advisors’ fiduciary duties, market participants are questioning the scope of the rule and whether it would apply to dealer-advisers.

Republicans and Democrats sparred Tuesday over the economic impact of derivatives regulations as the House prepared for a broader fight over the budgets of agencies tasked with writing and enforcing the new rules.

The $3.7 trillion fiscal 2012 budget proposed by President Obama Monday would permanently reinstate an expanded Build America Bond program but at a lower 28% subsidy rate.