Top News

GOP lawmaker introduces federal legislation aimed at delaying DOL’s fiduciary rule

Jessica Karmasek Jan. 9, 2017, 11:33am

The legislation, introduced by U.S. Rep. Joe Wilson of South Carolina Friday, would provide for a two-year delay of the U.S. Department of Labor’s fiduciary rule’s effective date. The rule mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.

Attorney: ‘Very likely’ CFPB will finalize proposed arbitration rules before Obama’s departure

Jessica Karmasek Dec. 29, 2016, 9:01am

President-Elect Donald Trump and Vice President-Elect Mike Pence are to be inaugurated Jan. 20. The Consumer Financial Protection Bureau is expected to issue its final set of rules prohibiting arbitration clauses that prevent class action lawsuits by then.

CEI, in agenda for new Congress, pushes lawmakers to rein in federal agencies

Jessica Karmasek Dec. 13, 2016, 1:19pm

The Competitive Enterprise Institute’s congressional agenda, which was released last week, focuses on eight policy areas, including regulatory reform and agency oversight, banking and finance, and labor and employment, among other topics.

Members of Congress want safe harbor provision in CFPB’s final arbitration rule

Jessica Karmasek Sep. 20, 2016, 12:56pm

The federal lawmakers, in a letter sent to the head of the Consumer Financial Protection Bureau earlier this month, urged the bureau to consider including a provision in the final rule that allows financial companies to retain class action waivers in their arbitration clauses. Under the CFPB’s current proposal, companies would be prohibited from putting mandatory arbitration clauses in new contracts.