WASHINGTON >> The Securities and Exchange Commission waited until Wednesday to disclose a hack of its corporate filing system that occurred last year. The disclosure raises questions about the agency’s ability to protect important financial information and comes as Americans are still weighing the consequences of the massive hack at Equifax.

The SEC, the federal agency responsible for protecting investors and ensuring markets function properly, is under fire after disclosing the hack of its electronic network that whisks company news and data to investors. The breach occurred despite repeated warnings in recent years about weaknesses in the agency’s cybersecurity controls.

Experts question the length of time taken to disclose the breach, and why the SEC isn’t meeting the same security standards it demands of corporate America.

“Public companies have a clear obligation to disclose material information about cyber risks and cyber events. I expect them to take this requirement seriously,” SEC Chairman Jay Clayton warned in a speech in July.

While it discovered the breach to its corporate filing system last year, the agency says it only became aware last month that information obtained by the intruders may have been used for illegal trading profits.

Stocks power U.S wealth to $96.2 trillion

WASHINGTON >> A healthy gain in the stock market and steadily increasing home prices boosted Americans’ household wealth this spring, a trend that likely adds to the nation’s inequality.

The Federal Reserve said Thursday Americans’ net worth rose 1.8 percent to $96.2 trillion in the April-June quarter. Stock portfolios and mutual funds jumped $1.1 trillion. Home values climbed $600 billion.

The solid gain in wealth could make many Americans more confident and spend more, which typically fuels economic growth. Consumer spending accounts for about 70 percent of U.S. economic activity.

But the increases in wealth aren’t widely shared, which many economists worry limits its economic benefit. Wealthier Americans are less likely to spend additional income and wealth gains.

Roughly 10 percent of Americans own 80 percent of the nation’s stock market value.

ON THE MOVE

Bank of Hawaii has announced the following promotions:

Flora Arney to vice president, team leader and relationship manager for the bank’s Institutional Services Department, from assistant vice president and Charitable Foundation Services & Taft Hartley relationship manager. She joined the bank’s International Private Banking Department in 1996, later serving as an assistant vice president and compliance officer for the Charitable Foundation Services Department in 2006.

Jonathan Enos to vice president of loan operations and loan service solutions manager, from assistant vice president. He will now oversee both commercial and consumer loan servicing. He joined the bank’s Loan Operations Department in 2012 as a processing and support clerk, later serving as operations supervisor in 2013 and commercial loan servicing manager in 2015.