Wealth Management

House Passes ABA-Supported Bill Delaying Fiduciary Rule

By a 245-186 vote, the House yesterday passed H.R. 1090, which would require the Department of Labor to wait 60 days to finalize its controversial rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act after the Securities and Exchange Commission issues its final rule before making its own rule.

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ABA Outlines Concerns for myRA Balance Transfers

ABA and two other trade groups today commented on the process for transferring the Treasury Department’s new “myRA” account balances to private-sector Roth IRAs, identifying several risks that need to be further investigated before a default arrangement for rollovers can be considered.

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Senate Vote Expected This Week on ABA-Backed Cyber Bill

The Senate is scheduled to vote this week on the Cybersecurity Information Sharing Act (S.754), an ABA-supported bill that would strengthen the ability of the public and private sectors to share critical cyber threat information without compromising customer privacy.

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ABA’s Keehan: Retirement Savers Need Educational Resources

Testifying before the Department of Labor’s ERISA Advisory Council today, ABA VP Tim Keehan urged DoL to develop educational resources for defined-contribution retirement plan participants to calculate the income streams they can expect from their savings -- instead of imposing a mandate for plan sponsors to include lifetime income calculations on account statements.

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