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Congress takes another shot at federal auto IRA
Since the auto IRA was proposed 18 years ago, the only successful efforts have been in the states.
GOP bill to kill SEC proposal on advisor AI conflicts faces obstacles
It’s more likely the GOP will make a point about their frustrations with the SEC than actually get the bill through the Democratic-controlled Senate.
SEC to add ‘dealer’ tag to hedge funds trading Treasuries
Dozens of firms may face increased scrutiny and compliance costs in regulatory overhaul.
Oregon orders Raymond James to pay nearly $200K over ‘unreasonable commissions’
State regulator imposes penalties in relation to overcharging exposed by multistate investigation.
Investor advocates call on SEC to end RIAs’ use of mandatory arbitration
'Investors are forced into an arbitration process that’s unfair – a process that too often leaves retirees ripped off by unscrupulous RIAs and then priced out of justice by forced arbitration clauses inserted by folks who are fake fiduciaries,' PIABA president says.
House passes $78B bill with business, child tax breaks
Lackluster Republican support in the Senate threatens to sink the measure.
Bank to the stars fined $65M over risk control failures
OCC says City National Bank 'engaged in unsafe or unsound practices.'
Democrats would boost savings with 401(k)s for babies
Several states have such programs, and extending the accounts to the federal level could decrease the wealth gap, legislators say
State regulators oppose bill to allow private markets access through advisors
This idea may result in investors paying higher fees without requisite returns, argues state regulator.
FSI presses SEC to end ‘regulation by enforcement’
FSI says regulator must start giving accused fair notice that behavior is out of compliance.
Morgan Stanley is betting US bank capital rules will ease
Firm turns bullish with softer regulatory touch likely to spark buybacks.
Social Security Administration weighs in on bill to repeal taxes on benefits
The program's chief actuary says the bill would improve the long-term solvency of Social Security.
Critics of DOL fiduciary proposal work to generate Democratic opposition
‘When you have both sides come together and support something – or in this case oppose something – we can put forth better policies for retirement savers,’ says a financial industry lobbyist
Texas bans Barclays from muni market over ESG dispute
The state's attorney general said the bank failed to respond to requests for information about its carbon emission commitments.
SEC crypto-related enforcements grew exponentially in 2023
There were more enforcement actions taken last year than ever before.
SEC approves tougher rules for blank-check deals
After surging during the pandemic, SPACs have fallen out of favor, and the agency's new rules could further reduce investor interest.
Finra finds many misleading claims about crypto assets
'This happens when there is a new frontier of investment categories,' a compliance expert says. 'A lot of folks get very excited. What that means is [compliance] policies and procedures don’t catch up with the business side.'
Franchise Group CEO steps down amid SEC probe
Brian Kahn is exiting as CEO just months after a leveraged buyout of Franchise Group aided by B. Riley Financial.
Case over fishing law could hamstring the SEC and DOL
If the Chevron deference is overturned, 'the SEC will no longer be able to create new rules that are designed to apply to new things going on in the marketplace,' an attorney says.
Bill to extend small-business tax breaks faces tough path, even with bipartisan backing
A separate long-shot bill to eliminate the estate tax could help set the stage for tax reform in 2025, when individual rate cuts expire.
