FCC Proposes Know Your Customer Rules to Fight Scam Calls

Also, Sen. Ted Cruz looks to expand Trump Accounts; Finra issues progress report on 'modernizing' rules; CFPB scales back small business lending regulation

Banks face a litany of “know your customer” obligations aimed at keeping criminals out of the payments system. Now lenders are pushing to impose the same rules on phone companies, part of an effort to fight an exploding number of scam calls ripping off their customers. Today, the FCC agreed, handing the financial industry a win – at least preliminarily.…