Lawmakers this week called on FINRA to explain its policies for expunging investor complaints about brokers from the public record, suggesting that the industry regulator should revisit the extent to which information is removed from the BrokerCheck database.

In a letter to FINRA CEO Richard Ketchum, Senators Chuck Grassley (R-Iowa) and Jack Reed (D-R.I.) cited a study conducted by the Public Investors Arbitration Bar Association that found that arbitrators consented to brokers' expungement requests in 96.9% of cases they reviewed from May 2009 to December 2011.

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