Two U.S. senators press Wall Street watchdog on process for erasing broker records

Two U.S. senators want Wall Street’s industry-funded watchdog to clarify and strengthen standards for allowing stock brokers to wipe details about investor complaints from their public disclosure records, according to a letter dated Monday. The bipartisan request to the Financial Industry Regulatory Authority (FINRA) from Senator Jack Reed, a Democrat from Rhode Island, and Senator Chuck Grassley, a Republican from Iowa, stems from a study by a group of securities arbitration lawyers that suggested brokers are often successful in erasing or “expunging” details in a particular circumstance. More on Reuters here.