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A financial firm’s legal or regulatory history should prompt you to verify the firm, read the underlying record, and check what happened—not to assume that a search result proves wrongdoing. Start with the firm’s exact legal name and the financial product involved, search the official database for that type of business, and confirm the record’s status and outcome before deciding what to do.
Start by identifying the exact firm and product
Find the firm’s legal name on your account agreement, statement, loan document, or official website. Search that name along with relevant former names and parent or affiliate names. A result for a similarly named business may not be about the firm you are considering, so compare identifying details such as its address, registration number, and business line.
The product matters because different regulators and databases cover different kinds of financial businesses. A firm may also have more than one registration: if you are checking an investment business, look at both its brokerage and investment-adviser information when relevant. SEC Form CRS disclosures may also describe certain events involving a parent or control affiliate.
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Use the database that fits the firm’s product and regulatory status. These sources do not all cover the same records, and a search in one is not a complete check of a firm’s history.
| Firm or record you are checking | Where to look | What the source can tell you | Important scope limit |
|---|---|---|---|
| Brokerage firm or broker | FINRA BrokerCheck | Registration information and snapshots of employment, regulatory actions, licenses, arbitrations, and complaints. | FINRA says it does not cover all civil litigation, civil protective orders, or many criminal matters. Some disclosures may be pending or contested. |
| FINRA disciplinary case | FINRA disciplinary actions search, also identified by Investor.gov | Eligible cases dating back to 2006; searches can use a name, firm, case number, date range, document type or text, or CRD number. | This is a disciplinary-actions search, not a complete account of every possible legal or regulatory record. |
| Investment adviser | SEC Investment Adviser Public Disclosure (IAPD) and the relevant state securities regulator | IAPD includes Form ADV and relationship summaries, registration status, and disclosure events for SEC- and state-registered advisers. | Certain records for advisers no longer registered remain available for ten years. State regulators may have additional information. |
| Consumer-finance company or CFPB action | Consumer Financial Protection Bureau (CFPB) complaint database and enforcement materials | Eligible consumer complaints and CFPB enforcement materials, including related court documents. | A consumer complaint is a report, not by itself an adjudicated finding. The CFPB sends complaints to the company or, where more appropriate, another agency. |
| Institution supervised by the FDIC | FDIC Enforcement Decisions and Orders | Full text of formal orders and notices of charges involving FDIC-supervised institutions and institution-affiliated parties. | The database says it updates monthly and warns that posted orders may not show an action’s current status. |
| Mortgage broker | Relevant state regulator and, where applicable, NMLS Consumer Access | State licensing or disciplinary information and other available mortgage-broker records. | Coverage depends on the state and the specific business; check the relevant state regulator as well. |
Investor.gov recommends checking a state securities regulator for additional information on brokers and state-registered advisers. If the relevant database does not answer your question, check the appropriate state regulator, official agency pages, or court records. A missing search result does not prove that a firm has no legal or regulatory history.
Read the record, not just the search result
Open the underlying filing, decision, or order when available. Note who issued it, which legal entity it names, the filing or action date, the case number, the conduct or product at issue, the procedural status, and any resolution or ordered remedy. A result page or complaint count alone may omit the context that determines what the record means.
Distinguish allegations from findings
- A complaint describes a customer’s report; it is not, by itself, an adjudicated finding that the firm did something wrong.
- A charge, investigation, or lawsuit may involve allegations that are still contested or unresolved.
- A settlement resolves a matter, but do not describe it as an admission or a finding unless the primary record says that it was.
- A final decision or order may establish a finding or impose a remedy. Read its terms rather than extending it to unrelated conduct.
The U.S. Securities and Exchange Commission (SEC) explains that investigations into possible securities-law violations are private, while enforcement matters may proceed publicly in court or administratively. Its public enforcement records therefore do not reveal every inquiry or suspicion.
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Check status and timing
Record the status shown by the source as of the date you check it. A database entry may be old, incomplete, or not updated to reflect a later development; the FDIC specifically cautions that its posted orders do not necessarily show the current status of an action. If status is unclear, look for the underlying order or a later official filing instead of treating an old listing as the final word.
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Judge whether a record should affect your decision
Do not use the number of search results as a stand-alone score. Compare the details that bear on the service you plan to use:
- Regulator and jurisdiction: Which agency or court handled the matter, and what authority did it have?
- Conduct and product: What behavior was alleged or established, and did it involve the same product or service you are considering?
- People affected: Who was affected, and does the record describe a pattern or a distinct incident?
- Date and frequency: How recent was the conduct, and are there multiple similar matters?
- Status and outcome: Is the matter pending, contested, settled, or decided? What does the primary record actually establish?
- Remedy and current authorization: Was restitution, corrective action, or another remedy ordered, and is the firm currently registered or licensed for the service it offers?
- Database coverage: What does the source include or exclude, and is another official search needed?
For CFPB complaints, account for how the database works: eligible complaint data is published without direct identifying information after the company responds or after 15 days. A company may say an issue remains unresolved or is disputed. The CFPB says its Office of Consumer Response has worked to get timely responses from more than 6,100 financial companies since 2011; that is a program reach figure, not a count of complaints against any one firm.
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Protect your information and preserve evidence
If you suspect a scam, pause before sending more money or sharing account credentials. The SEC advises people who suspect a scam to stop communicating with the individuals involved and not give them money. Verify contact details independently using an official regulator or a contact method on a statement or account document; do not rely on contact information supplied by a suspicious caller or message.
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Complain to the regulator that handles the product
Use the complaint channel for the relevant financial product. The CFPB accepts complaints about covered products and routes some complaints to another agency. It says companies generally respond within 15 days and may take up to 60 days to provide a final response in some cases. For an investment account or financial professional, the SEC also accepts investor complaints. For securities professionals, a state securities regulator may help when federal or FINRA records do not resolve the question; for a mortgage broker, check the state regulator and NMLS Consumer Access.
Get legal advice when the stakes or deadlines are significant
Consider speaking with a lawyer experienced in the relevant area if you have suffered a substantial loss, face a deadline, have received a threatened collection or foreclosure notice, or need help with a complex legal notice. SEC investor guidance directs readers to a securities attorney for questions about legal interpretation.
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