The sponsor of a New York bill that would require nonfiduciary financial advisers to disclose that they aren't required to act in their clients' interests plans to reintroduce the measure, after it died without a floor vote in the New York State Assembly. Similar measures in Illinois and New Jersey have failed to come up for votes but remain under consideration.
Republican and Democratic senators said they will work to enact legislation that would give Congress a voice on whether the US imposes tariffs on national security grounds. However, House Speaker Paul Ryan, R-Wis., said Congress would do better to cooperate with the Trump administration to change policy.
The number of 401(k) plans offered by small businesses rose to 8,873 last year, compared with 1,418 in 2013, according to the Vanguard Retirement Plan Access report. Jean Young, author of the report, says she expects professionally managed allocations such as target-date funds to be increasingly used in the small-business marketplace.
CBA's response to a request for comment from the Consumer Financial Protection Bureau recommends the CFPB reach out to schools and churches to offer financial education for young people. "Incorporating financial education into school curriculums in an ongoing manner is a vital component to making our future generations financially literate," says David Pommerehn, vice president and associate general counsel at CBA.
Anti-money-laundering regulations under the Bank Secrecy Act need streamlining, Treasury Secretary Steven Mnuchin said in testimony before the House Financial Services Committee. Mnuchin said he will look into relaxing a rule passed in May that requires banks to identify who owns at least 25% of an account's legal entity.
Student-loan servicer Navient says it cannot release documents requested by the Consumer Financial Protection Bureau without permission from the Education Department. The CFPB is suing Navient for allegedly misleading borrowers and incorrectly processing payments.
Federal Reserve Chairman Jerome Powell says low unemployment and inflation have put the economy in a "good place" but notes concerns about trade tensions. Higher tariffs could negatively affect the economy, he says.
During a hearing to discuss credit bureaus and the Fair Credit Reporting Act, members of the Senate banking committee suggested changes to the credit reporting system, including giving consumers more control over their information and giving the Federal Trade Commission and the Consumer Financial Protection Bureau authority to penalize credit bureaus. The hearing also addressed technology and medical debt.
Big bond funds bet more than $100 billion a surging global economy would drive up government-bond yields in major developed economies and would fuel demand for emerging-market debt. Modest core inflation, trade tensions, capital flight to havens and a strengthening US dollar have kept such growth from taking place.
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