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Administration’s push to overhaul banking worries some
Obama wants to empower the Fed, create a council of federal regulators to monitor risk, and create a new consumer protection agency overseeing credit card lenders and mortgage brokers.
Dems work to push banking overhaul through Congress quickly
President Obama's plan to transform the Federal Reserve into a super-regulator ran into skepticism Thursday from lawmakers who worry that the central bank is not the best suited to keep an eye on firms deemed so big and influential that their demise could hurt the economy.
Obama initiative seeks fix to finance regulations
President Obama unveiled a systemwide regulatory overhaul Wednesday, measures he hopes will restore confidence in the U.S. financial system and prevent a repeat of the worst crisis to hit Wall Street in seven decades.
Obama administration to create a fiduciary standard for broker-dealers
A call by the Obama administration to establish a fiduciary standard for broker-dealers offering investment advice was welcomed today by financial advisers, but they are concerned about plans to “harmonize” regulation of investment advisers and brokers.
A new role as ‘risk regulator’ could reshape Fed
Some lawmakers and economists say making the Fed a "systemic risk regulator" would itself be a high-stakes risk that would distract from its core mission: reviving the economy.
House Democrat urges insurance regulatory overhaul
Because the insurance industry has grown to $6.3 trillion in assets under management and $1.2 trillion in annual premiums, the regulations that govern the industry need to be modernized, according to House Capital Markets Subcommittee Chairman Paul Kanjorski, D-Pa.
Arbitration settlement lands in insurer’s lap
A sprawling case of alleged securities fraud involving an independent broker-dealer and two brokers may wind up costing an insurance company $10.3 million.
Changing regulations mean EIA compliance challenges
As new annuity rules continue to develop, chief compliance officers at broker-dealers say that they still face some challenges in implementing compliance procedures with their financial advisers.
Health reform debate overlooks long term care, Tom Daschle says
As Congress takes up health care reform, too little attention is being paid to long term care.
Two cheers for automatic IRA enrollment
Something must be done to encourage employees of small companies to save for retirement. As many as 78 million such workers aren't saving for the future and ultimately will depend solely on Social Security for retirement income.
Former chief executive sues First Allied
Keith Gregg, former president and chief executive of First Allied Securities Inc. of San Diego, is suing the firm, claiming that he was forced out after complaining about improper practices at the company. Officials at the firm deny the charges and were set to answer the complaint and file a counterclaim against him today.
Outlook dim for adviser SRO in financial-reform proposal
The Obama administration's sweeping proposal to tighten financial regulation is unlikely to press for the formation of a self-regulatory organization to oversee investment advisers.
Geithner calls for SEC authority over say-on-pay
The proposal would allow the SEC to issue rules requiring companies to give shareholders more say in executive compensation.
Woodbury Financial settles with regulators over adviser background checks
As part of a settlement last month with securities regulators in Arizona, Woodbury Financial Services Inc. agreed to tighten its policy of looking into the financial backgrounds of their 1,750 reps and advisers.
Leave exec compensation to boards, not lawmakers, SIFMA says
Executive compensation should decided by company boards, not imposed by legislators or regulators,
Korean-American investors allegedly bilked of $80M in affinity fraud
Two California men and the companies they ran were charged today with conducting an $80 million Ponzi scheme that targeted Korean-American investors with false promises of annual returns of up to 36% from foreign currency trading,
Judge consolidates Madoff liquidation cases
Separate efforts to sell the businesses and personal property of disgraced financier Bernard Madoff have been combined to speed the process and get more of the proceeds to those he cheated.
Finra’s Ketchum touts one standard for financial advisers
The difference in regulatory oversight for broker-dealers and investment advisers leaves consumers open to risks, Richard Ketchum, chief executive of the Financial Industry Regulatory Authority Inc., said today.
Finra chief: Proposed oversight commission could cause cracks in system
The Obama administration’s consideration of a safety commission for financial products needs to be approached with great care, Richard Ketchum, chief executive of the Financial Industry Regulatory Authority Inc., said today at NAVA’s annual legislative and regulatory conference.
Estate tax critics gird for fight over business valuations
Opponents of the estate tax are preparing to fight a push in Congress to require that minority-held interests in private companies be valued the same as majority-held interests for estate tax purposes.
