Filling the Trust Gap
While banks face a looming shortage of trust officers in the coming years, a mix of recruiting, grooming, networking and politicking will go a long way to close the gap.
Browsing: Wealth Management
America Is Woefully Unprepared for Retirement
We need to take a hard look at the structure of public and private retirement systems and reinforce financial literacy among beneficiaries, says Carl Tannenbaum.
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.
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.
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.
Hill Republicans, Democrats Whipsaw DOL Fiduciary Re-Proposal
The Department of Labor (DOL) intends to finalize its fiduciary re-proposal, possibly by year-end or in early 2016.
ABA-Supported Bills Clear House Committee
The House Financial Services Committee yesterday passed three ABA-supported bills addressing the Consumer Financial Protection Bureau and proposed limitations on retirement advice.
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.
Nearly 100 House Democrats Call for Changes to Fiduciary Rule
Ninety-six House Democrats wrote to Labor Secretary Tom Perez on Wednesday urging changes to DoL’s controversial proposed rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.
ABA: Fiduciary Rule Would Harm Retirement Savers DoL Seeks to Protect
The Department of Labor’s controversial proposed rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act covers far more services and customer interactions than is necessary, Northern Trust SVP Gerald Cleary said in testimony before DoL today.