The Financial Crimes Enforcement Network today issued a proposed rule imposing -- for the first time -- anti-money laundering program and Customer Identification Program requirements for banks without a federal functional regulator.

Millennials remain generally optimistic about their finances, with most believing they will do the same or better than their parents and 55 percent considering themselves in a successful financial position; 94 percent consider themselves “financial adults.”

When asked what their top priorities would be if given a raise, millennials emphasized paying down debt and boosting savings over consumption.

The Department of Labor today issued proposed revisions to Form 5500 Annual Return/Report of Employee Benefit Plan that must be filed by all private sector employers under the Employee Retirement Income Security Act and the Internal Revenue Code.

Start planning now to understand and comply with the new 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 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of its efforts under the Economic Growth and Regulatory Paperwork Reduction Act to reduce unnecessarily burdensome or outdated banking rules.

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.

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.

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.