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Wells Fargo to cut its dividend
Other big banks are maintaining their dividend payments in the wake of new Fed restrictions
How Reg BI is changing the technology landscape
From multifunctional dashboards to an increase in demand for robo-advisers, the industry’s appetite for innovation has only increased with new regulation
DOL proposes new standard to replace vacated fiduciary rule
The agency says the measure will ensure financial advisers act in retirement savers’ best interests
XY Planning focuses on state fiduciary rules after losing Reg BI suit
XYPN co-founder Michael Kitces says the federal appeals court’s decision to uphold the measure could ‘embolden’ states
Fed discloses bond purchases
The central bank bought bonds issued by AT&T, UnitedHealth and Walmart
Federal appeals court upholds Regulation Best Interest
The 2nd Circuit rules the SEC acted within its authority to set new broker advice standard
New Fed rules put Wells Fargo dividend at risk
The restrictions relate bank dividends to recent earnings, and Wells Fargo's earnings slumped 89% in the first three months of the year
DOL sides with plaintiffs in CalSavers lawsuit
In a letter to a U.S. appeals court, the Department of Labor again argues that the state-sponsored auto IRA is preempted by ERISA
Advisor Group deploys electronic tools ahead of Reg BI
The broker-dealer network added eConsent and eDelivery tools designed with compliance changes in mind
Hightower estimates up to $1.2 million overcharge of college savings plan clients
Finra launched its investigation into 529 sales in 2019
401(k)s add COVID-19 cash-outs, few workers take them
Less than 5% of participants have taken distributions related to COVID-19, several surveys show
Regulators should take a harder look at Robinhood
After the tragic death of a customer, the investment platform made significant changes. More may need to be done
Federal Reserve caps bank dividends
Bank buybacks are also banned through the third quarter; Wells Fargo seen most at risk for dividend cut
Clayton promises to remain focused on SEC amid nomination for U.S. attorney
He encountered many questions about the New York federal prosecutor job when he appeared before a House subcommittee to discuss emergency lending amid the pandemic
DOL’s stance on ESG in 401(k)s could be difficult to undo
Only 0.1% of plan assets are in ESG-specific funds, but many, if not most, investment products have integrated ESG criteria
CFP Board conducts background checks on 87,000 certificants
As part of its effort to strengthen enforcement, the board identified about 1,200 advisers who hold the CFP mark whose conduct merits further investigation
Berthel Fisher facing up to $2.5 million in legal, regulatory costs
The broker-dealer says it has more than $1 million in insurance to offset the expense
IRS widens eligibility to undo RMDs
Those who took required minimum distributions in January are allowed to undo them, and the timeframe for doing so extends through Aug. 31
DOL proposal could chill the use of ESG in retirement funds
The agency argued a fiduciary responsibility involves focusing solely on returns for participants
Finra expels broker-dealer, but owner explores an appeal
Sandlapper Securities may have some fight left, says CEO Trevor Gordon
