Top News

Missouri Congresswoman’s bill would kill DOL’s fiduciary rule, create best interest standard for broker-dealers

Jessica Karmasek Oct. 5, 2017, 7:30am

U.S. Rep. Ann Wagner, a Republican, introduced The Protecting Advice for Small Savers, or PASS, Act of 2017 last week.

Phoney Lawsuits: How a Polish immigrant apparently sued his way to $800K

John O'Brien Mar. 15, 2017, 8:31am

FDS Bank says the man no longer qualifies for Social Security disability benefits because he has made approximately $800,000 from filing 31 lawsuits. FDS says he made less than $30,000 in 2009 working construction before creating a scheme to manufacture claims under the federal Telephone Consumer Protection Act.

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.