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.

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.

CFPB receives thousands of comments on proposed arbitration rules

Jessica Karmasek Aug. 23, 2016, 11:14am

The Consumer Financial Protection Bureau, an independent agency of the federal government responsible for consumer protection in the financial sector, published its proposal in the Federal Register on May 24, with a 90-day comment period. All comments were due no later than Monday.

U.S. House falls short of votes needed to override Obama’s veto of fiduciary rule resolution

Jessica Karmasek Jun. 23, 2016, 12:30pm

The vote was taken about 10:30 p.m. Wednesday, breaking up a sit-in protest by Democrats pushing for better gun-control measures.

U.S. House committee to hold hearing on CFPB’s proposed arbitration rules ‘soon’

Jessica Karmasek May 11, 2016, 3:57pm

The House Financial Services Committee has launched an investigation into the Consumer Financial Protection Bureau’s proposed regulation of pre-dispute arbitration agreements, requesting various information from the bureau.

U.S. House passes resolution nullifying EPA ‘Waters of the U.S.’ rule

Jessica Karmasek Jan. 14, 2016, 10:25am

House Speaker Paul Ryan contends the new rule -- which extends the agency’s authority to all bodies of water, no matter the size -- hurts farmers and could result in higher fees for small businesses. The White House has said it will veto the resolution, which already has passed the Senate.