In a January 27, 2015 article, The New York Times states: “Wall Street has pulled out all the stops in opposing a plan by its own self-regulator to require brokers to share extensive information about their clients’ accounts… FINRA argues that regular, monthly reports from brokers detailing purchases, sales, margin calls and risk profiles will give it a chance to stop abusive practices before further harm is done.

FINRA is considering the feedback on its plan, called the Comprehensive Automated Risk Data System, or Cards, and making changes in advance of seeking approval from its board of governors and forwarding a proposal to the Securities and Exchange Commission… the brokerage firms that pay FINRA to be their regulator say that keeping so much investor information in one place is an example of regulatory overreach and an invasion of customers’ privacy.”

Read the full article
http://dealbook.nytimes.com/2015/01/26/in-push-for-change-finra-opposed-by-wall-st-firms-it-regulates/