Eight top US banking executives spoke out against proposed new measures tightening capital requirements at a hearing on Capitol Hill recently, according to an AdvisorHub report. Under a plan by the Federal Reserve, Federal Deposit Insurance Corp. and the Office of the...
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Financial News
Labor Department will not extend public comment period on new fiduciary rule
The 60-day public comment period for feedback on the U.S. Department of Labor's new fiduciary rule is not going to be extended, Wealth Management reports. The department's proposed rule would update the definition of an investment advice fiduciary under the Employee...
Consumer bureau proposes tighter regulation of digital wallets and payment apps
The Consumer Financial Protection Bureau (CFPB) announced that it is proposing tighter regulation of big tech companies offering services such as digital wallets and payment apps, Reuters reports. The agency said that despite the popularity of these payment services,...
Department of Labor proposes rule to update definition of investment advice fiduciary
The U.S. Department of Labor announced last week that it has proposed a new rule aimed at protecting retirement investors, according to AdvisorHub. The rule would update the definition of an investment advice fiduciary under the Employee Retirement Income Security...
Major US banks express concerns about regulators’ requirements, other issues
Several major US banks expressed concerns last week about a range of issues confronting their industry despite record profits during the third quarter, according to a report by Bloomberg. The combined profits for Wells Fargo, JPMorgan and Citigroup were reported to...