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Industry Groups Sue DOL over Fiduciary Rule
A group of nine financial services and business trade groups today filed a lawsuit against the Department of Labor over its recent fiduciary rule, which greatly expands the definition of “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code.
ABA Welcomes OCC Regulatory Adjustment Proposal
ABA on Thursday welcomed a proposal from the OCC that would make several regulatory adjustments as part of its efforts under the Economic Growth and Regulatory Paperwork Reduction Act to reduce unnecessarily burdensome or outdated banking rules.
Fiduciary Rule Compliance Estimated at More than $31.5 Billion
The Department of Labor’s newly finalized rule expanding the definition of who counts as a fiduciary under the Employee Retirement Income Security Act is estimated to cost $31.5 billion over the next decade, along with requiring nearly 57,000 hours in compliance efforts.
Department of Labor Issues Final Fiduciary Rule
ABA pressed DOL for a number of changes from the proposed rule, which was widely viewed as draconian and unworkable. Two significant revisions in particular were made specifically as a result of ABA’s advocacy.
Final Fiduciary Rule Includes ABA-Advocated Revisions
The Labor Department’s final rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act and Internal Revenue Code was released today and includes a number of revisions from its initial proposal, several of which were advocated by ABA.
ABA Wins Extension for New Executor Reporting Requirements
Following ABA’s recent request, the IRS today said it would extend the compliance deadline for new proposed executor reporting requirements.
OCC Issues Proposal on EGRPRA-Related Reg Changes
The OCC today issued a proposal that would make several regulatory adjustments as part of its efforts under the Economic Growth and Regulatory Paperwork Reduction Act to reduce unnecessarily burdensome or outdated banking rules.
Of Ubers, Tech Users and Elder Abusers
As technology evolves, state-level stalwarts such as elder financial abuse and foreclosure are now sharing the legislative spotlight with novel issues generated from the success of Airbnb, Uber and other “sharing economy” firms.
FinCEN Proposes FBAR Filing Relief for Bank Employees
The Financial Crimes Enforcement Network yesterday issued a proposal clarifying who is exempt from filing Reports of Foreign Bank and Financial Accounts, or FBAR, under the Bank Secrecy Act.