Howard A. Fischer was quoted in an August 16, 2022 Bloomberg article on SEC books and records cases

He discusses the "sticker shock” of the fines, saying “they’re basically as large as they can go, while both representing a great headline for the enforcement agencies without actually threatening the continuation of anyone’s business.”

He also expects more records preservation cases to come from the markets watchdogs as a result of much of the world of finance working from home during the early months of the Covid-19 pandemic and as more companies accept hybrid work.

"There will likely be a renewed push at some of the larger banks reminding staff to operate through official channels and preserve records, but that’s unlikely to stop the widespread use of communications apps and personal devices, Fischer said. "Wall Street banks are concerned how realistically they can comply with the records rules when they really run counter to the way a lot of business is done today,” he said.