The Federal Reserve said most major US banks passed its stress test and are approved to increase dividends and buybacks. Morgan Stanley must resubmit its capital plan, and two subsidiaries of foreign financial institutions failed the annual exam. Reuters (6/30), The Hill (6/29), Bloomberg (6/29), Financial Times (tiered subscription model)…
A proposed Securities and Exchange Commission rule would require that asset managers have business-continuity and transition plans to protect investors in the event of business disruptions or failure. Asset managers would need plans to protect data, arrange alternate work locations and maintain communications in the event of natural disasters, cyberattacks,…
The US Labor Department and financial trade organizations challenging the legality of the agency's fiduciary rule have agreed to a litigation schedule that could produce a decision in a federal court in Dallas by October. Chief Judge Barbara Lynn has approved the timeline. InvestmentNews (6/27), ThinkAdvisor (6/27)
Many organizations that distribute fixed-indexed annuities to independent insurance agents are seriously considering forming their own broker-dealers to overcome obstacles created by the Labor Department's fiduciary rule. One company, Annexus, is already pressing ahead with plans to get its broker-dealer up and running before the rule fully goes into effect…
The Financial Industry Regulatory Authority will monitor disclosure from securities firms to determine whether advisers are giving retirement advice that's in clients' best interest. The Labor Department's fiduciary rule requires that, and while FINRA cannot enforce the rule, it can "look and see whether firms are dealing fairly with their…
The plaintiffs in three lawsuits filed in federal court in Texas agreed to a request by the Labor Department to consolidate the actions challenging the agency's fiduciary rule. NAIFA and the American Council of Life Insurers filed one of the suits. The House plans to vote Wednesday on a bill…
The Federal Reserve's policymaking committee has decided against raising its key interest rate and says increases will be implemented more slowly than planned. The decision to delay an increase was backed by every member of the committee, including Esther George, who had voted at recent meetings for a rate hike….
If you are an adviser working with qualified plans and IRAs, you do not want to miss NAIFA's Skill Builders Series Workshop "Serving Your Clients with Fiduciary Compliance." This four-hour course will give you the information and training you need to succeed in today's complex regulatory environment. By now, you…
Several CEOs of life insurance companies are describing the likely impact of the Labor Department's fiduciary rule as "manageable," even as they expect costs to increase. "I think most companies who are effective in how they implement the requirements of new regulations can do it on an economical manageable basis,"…
Independent insurance agents are becoming concerned that the way insurance companies comply with the Labor Department's new fiduciary rule, particularly as it applies to the sale of annuities, could hurt their businesses. Some insurance executives have expressed reservations about their ability to assure compliance by independent agents. "We … have…
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