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Finra faces rough road as it seeks Errico’s successor
The Financial Industry Regulatory Authority Inc. has a tough task ahead of it in searching for the right person to replace Robert Errico in running its member regulation division.
Finra examinations boss Robert Errico to step down
Head of member regulation will be leaving the financial industry watchdog at the end of March.
Securities America advisers caught in the private-placement crossfire
Last week, Securities America Inc. was tagged with a lawsuit from Massachusetts regulators alleging that the firm misled investors who were sold high-risk private placements.
Peter Schiff: Obama’s bank plan is ‘doomed to failure’
The following is an excerpt of commentary from Peter Schiff, president of Euro Pacific Capital and author of tCrash Proof 2.0 regarding, President Obama's announcement today about the regulation of banks.
Dykstra down on strikes
Former New York Met and Philadelphia Phillies fan favorite Lenny Dykstra has failed to pay back money he…
House bill introduced on 401(k) fee disclosure
Legislation that would require that all fees be disclosed to 401(k) plan participants in simplified form is needed, most of the panelists at a hearing on the legislation today testified.
Delaware joins states addressing lapsed estate tax
Delaware attorneys have drafted a bill to address the lack of a federal estate tax, joining a slew of states taking this matter into their own hands.
States prepare for more oversight duties
Faced with the prospect of gaining jurisdiction over 4,200 registered investment advisory firms, state regulators are scrambling to make sure they have the resources to handle a handoff.
States gain in turf war over private placements
State securities regulators are gaining ground in their battle to regain authority to oversee private-placement offerings.
State securities regulator questions Schapiro’s ‘single standard’
SEC Chairman Mary Schapiro's comments on Thursday that all financial advisers who provide personalized advice should come under “meaningful” fiduciary standards has drawn heat from a group representing state securities regulators.
States eye bigger role in clamping down on private-placement ‘bad actors’
State securities regulators are pushing to get House support for legislation allowing states to have greater oversight over private-placement offerings.
Dodd’s dud? ‘Fed-as-consumer-watchdog’ plan greeted with howls
Bankers. Business groups. Consumer advocates. They all lined up to bash the Conn. Senator's latest proposal for financial reform.
Johnson amendment would let brokers off the fiduciary hook
Sen. Tim Johnson, D-S.D., is circulating legislative language that would delete a requirement that brokers acting as advisers be registered investment advisers.
Dodd’s bipartisan push may signal end for consumer protection agency
Senate Banking Committee Chairman Christopher Dodd, D-Conn., said today he will work with Sen. Bob Corker, R-Tenn., a member of the Banking Committee, to write a new draft of the financial-services reform legislation the committee has been considering.
Obama touts Wall Street changes on Lehman anniversary
President Barack Obama is going to the heart of Wall Street on the first anniversary of Lehman Brothers' collapse to outline changes needed to prevent a future crisis like the one that sent the global economy into a tailspin last year.
Suddenly, 401k fee disclosures getting plenty of attention
The Labor Dept. is readying a proposal that would force service providers to make more plan info available. Meanwhile, a House committee is said to be unveiling similar legislation this week
Kohl may expand fiduciary tag in retirement market
The Senate Special Committee on Aging is considering proposing legislation that would require all managers of qualified default investment alternatives to act as fiduciaries under ERISA.
Surprise audit trips up star adviser in Seattle
An unexpected visit by an ING Financial auditor uncovered a potential scam at Breard & Associates Wealth Management. Now, infomercial star Rhonda Breard is facing fraud charges.
Goldman Sachs, JPMorgan on nuns’ hit list
Wall Street firms 'doing God's work?' Apparently not, as a religious group confronts banks over 'immorality' of swaps
Obama wants Janet Yellen as Fed vice chair
President Barack Obama wants to nominate Janet Yellen, the president of the Federal Reserve Bank of San Francisco, to take over as vice chairman of the Federal Reserve, an administration official said Friday.
