Fiduciary Rules and Practices

The fiduciary regulation wasn’t a big focus of the hearing on Alexander Acosta’s nomination as Secretary of Labor — but it did come up. Indeed, those waiting to hear what Acosta thought about the fiduciary rule, and its future had to wait until the last 15 minutes of the 3-hour hearing by the... READ MORE

Not all of the reaction to the Department of Labor’s (DOL) fiduciary rule has been negative, or even grudging, acceptance. Every class had at least one kid who not only did their homework but also turned it in before the deadline — and it turns out that proclivity is alive and well in the boardroom... READ MORE

A group of plaintiffs in the fiduciary regulation litigation have petitioned the court to maintain the status quo pending their appeal. And, citing “…their urgent need for relief,” the plaintiffs have asked the court to issue a ruling on the motion by March 20, 2017. The request for injunctive... READ MORE

With about another week to go, the Department of Labor’s (DOL) has gotten a number of comments on its proposal to delay the fiduciary regulation’s April 10 applicability date — but perhaps not the kinds of comments one might expect.As of this writing, approximately 215 comment letters have been... READ MORE

The Securities and Exchange Commission’s Acting Chairman Michael Piwowar is, to put it mildly, no fan of the Department of Labor’s fiduciary rule. But he doesn’t stop there — recent reports say he advocates rethinking a fiduciary standard, period. Piwowar recently called it a “terrible, horrible,... READ MORE

The Labor Department is proposing to extend the applicability date of the fiduciary regulation by a mere 60 days — while taking (just) the next 15 days to collect comments on that proposal. But that’s not all. With regard to President Trump’s Feb. 3 Executive Memorandum that directed the Labor... READ MORE

The Office of Management and Budget (OMB) says it has concluded a requested review in the delay of the applicability date of the fiduciary regulation. A posting on the OMB’s executive order review site indicates that the delay review has been “concluded.” On Feb. 9, the Labor Department’s Employee... READ MORE

The American Retirement Association on Feb. 21 sent a letter to the Oregon State Treasury containing its comments on the Oregon Retirement Savings Plan (ORSP), also known as OregonSaves. The ARA thanked the Oregon Treasury and the Oregon Retirement Savings Board for its work on the proposed rules... READ MORE

An unnamed financial services company is suing the Consumer Financial Protection Bureau (CFPB) in the U.S. District Court for the District of Columbia over the CFPB’s exercise of power and the plaintiff’s contention that it is unchecked.The unnamed company seeks in John Doe Company v. Consumer... READ MORE