In testimony before a subcommittee of the House of Representatives Committee on Financial Services, Richard Ketchum, chairman and chief executive officer of the Financial Industry Regulatory Authority, indicated that FINRA is exploring alternative approaches to enhance investor protection, rather than to automatically collect information from clearing and carrying brokers relating to their customers’ accounts as formally proposed by FINRA in September 2014 (click here to access proposal). The proposed automated collection system, known as CARDS (Comprehensive Automated Risk Data System), has been criticized because of the potential ability of nefarious persons to access and reengineer private, personal data. According to Mr. Ketchum, “we [are now] reviewing the feasibility of meeting the important goal of enhancing our early warning capabilities regarding fraud and investor abuse using existing data sources and data that will become available when the Consolidated Audit Trail is implemented.”