A unit of Barclays Plc will pay US$97 million to settle claims by the US Securities and Exchange Commission that it overcharged thousands of investors over a six-year period for services it never actually provided, the regulator announced on Wednesday. The US Securities and Exchange Commission has been stepping up the pace of its pursuit of programs that charge investors a supposedly all-inclusive wrap fee, but experts said it's too early to tell if the agency will keep up the hunt under new SEC Chairman Jay Clayton. With a Thursday deadline (US time) almost past, it appears the US Consumer Financial Protection Bureau's new regulations for prepaid cards and digital wallets will not be swept aside just yet, reports Law360. These regulations, finalised only in October 2016, require financial institutions to limit consumers' losses when funds are stolen or cards are lost; investigate and resolve errors; and give consumers free and easy access to account information. Some Republications had hoped to apply an until-now rarely used law that allows Congress to eliminate previously introduced regulations within 60 legislative days of a new administration. A New York federal judge has "preliminarily" approved a US$165 million settlement to be paid by Wells Fargo, Deutsche Bank and the Royal Bank of Scotland, putting them one step closer to resolving a class action over their underwriting of US$7.7 billion worth of mortgage-backed securities issued by bankrupt subprime lender NovaStar, reports Law360.