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Warren Seeks Review of New Bank Message System After Fines

Senator Elizabeth Warren, a Democrat from Massachusetts.

Senator Elizabeth Warren, a Democrat from Massachusetts.

Photographer: Drew Angerer/Bloomberg
Updated on

U.S. Senator Elizabeth Warren wants financial regulators to examine whether a group of banks’ new messaging system can be used to circumvent compliance.

Warren, a Massachusetts Democrat, sent a letter to six agencies Monday asking whether the service will make it harder to obtain instant messages that can be used in investigations. The system was created by Symphony Communications LLC with funding from 14 financial firms, including Goldman Sachs Group Inc.