Browsing: Wealth Management

Newsbytes

In a joint op-ed with several trade group CEOs today, ABA President and CEO Rob Nichols voiced his opposition to the Department of Labor’s proposal to redefine who counts as a fiduciary under the Employee Retirement Income Security Act.

Newsbytes

By vote margins of 22 to 14, the House Education and Workforce Committee approved two bills that would provide alternatives to the Labor Department’s rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.

Human Resources


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.

Newsbytes

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.

Newsbytes

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.

Ag Banking

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.

Newsbytes

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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