The Protecting Advice for Small Savers (PASS) Act of 2017 emerged from the House Financial Services Committee Thursday and moves on to a full House vote.
John Hilton
Help Wanted: DOL Needs Staff Before It Can Rework Fiduciary Rule
The Department of Labor fiduciary rule is a good bet to be delayed by 18 months. How the DOL will amend the rule during that time is unknown because many political positions have not been filled by the Trump administration.
Preston Rutledge is expected to be nominated and confirmed as assistant secretary of labor. The post is responsible for the DOL fiduciary rule and has been vacant since January.
Several GOP legislators continue to push bills that would overturn the Department of Labor fiduciary rule, even though the legislation would have a difficult time passing the Senate. Meanwhile, the DOL is set to publish an official delay of the rule until July 1, 2019.
Life Insurance Is Key To ‘Financial Fitness,’ Danica Patrick Says
Racer Danica Patrick first obtained life insurance in her early 20s. Your “financial fitness” is an important part of your overall health, she said, and life insurance is key. Patrick is back as the celebrity spokesperson for Life Insurance Awareness Month.
NAIFA Reschedules Key Bylaws Vote For May
NAIFA is asking members to approve significant changes in the way it does business. Streamlined operations are needed to reverse membership losses, NAIFA executives say.
NAIFA Pushes Controversial Bylaws Change
The National Association of Insurance and Financial Advisors is trying to consolidate functions and set a single dues fee for members, moves that are commiserate with its slimmer membership rolls. Will delegates approve the controversial changes?
Hurricane Irma Forces NAIFA to Postpone Annual Meeting
NAIFA will reschedule its annual business meeting planned for Sunday in Orlando. Hurricane Irma is forcing massive evacuations and emergency preparations are under way in Florida.
Texas Judge Tosses Obama Overtime Rule
Texas Judge Amos Mazzant tossed out an Obama administration rule that would have extended overtime benefits to about 4 million new workers. The Trump administration opposes the overtime change.
DOL Publishes Delay of Fiduciary Rule Until July 2019
The Department of Labor will get its 18-month delay of phase two of the Obama-era fiduciary rule. A proposed rule ordering the delay until July 1, 2019 will be published in the Federal Register tomorrow.
OMB OKs DOL Fiduciary Rule Delay With ‘Change’
The Office of Management and Budget completed its review Monday of a rule that would delay the DOL fiduciary rule. The DOL seeks an 18-month delay that would push the effective date of the fiduciary rule to July 1, 2019.
The estate tax is among the taxes the White House hopes to eliminate with its tax reform effort, said Gary Cohn, President Donald J. Trump’s top economic advisor. Will Congress go along?
DOL: Fiduciary Rule Lawsuit Angle ‘Will Likely Be Mooted’
In a court brief, the Department of Labor signaled its intent to eliminate the class-action component of the fiduciary rule. The right to sue is one of the most hated aspects of the Obama-era regulation.
Is Single-Payer The Next To Upset The Status Quo?
What is going to happen with health care legislation? Since history repeats itself, we decided to look at some major legislative issues from the past to try and get some idea.
DOL Seeks 18-Month Delay of Fiduciary Rule
If approved, documents sent to the Office of Management and Budget today would delay phase two of the Department of Labor fiduciary rule by 18 months to July 1, 2019.
DOL Releases New Round of Fiduciary Rule FAQs
A new guidance from the Department of Labor address some key sticking points for advisors acting as non-fiduciaries to defined contribution plans. For the most part, the department adopts a lenient stance toward compliance with fiduciary mandates.
DOL Rule Opponents Have Good Day in Appeals Court
Department of Labor fiduciary rule opponents find a friendly court during a Fifth Circuit Court of Appeals hearing Monday. Judges sympathize with industry claims of overreach by the government in crafting the financial services regulation.
Legal Fight To Stop DOL Rule Returns To Court
Opponents of the controversial Department of Labor fiduciary rule will take another shot Monday at persuading a court to overturn the regulation. This time, the Fifth Circuit Court of Appeals will hear the case.
Next on the GOP Calendar: Tax Reform
With health care seemingly dead, lawmakers are expected to tackle tax reform next. Trump and GOP congressional leaders share a desire to cut taxes. Will they succeed?
DOL Official: Help Me Improve Fiduciary Rule
Top Department of Labor official joins the National Association of Insurance Commissioners to discuss collaboration on the future of the fiduciary rule. Better data from the insurance industry is needed, DOL deputy secretary says.
Analysts: DOL Rule Could Be Pushed Out to 2020
The Department of Labor could delay phase two of its controversial fiduciary rule by two years, analysts say. Phase two is slated to take effect Jan. 1, 2018, but could be delayed by one year, with financial services getting a year beyond that to comply.
Panel: DOL Rule Will ‘Most Certainly’ Be Delayed
The Department of Labor fiduciary rule’s harshest mandates will for sure be delayed beyond the Jan. 1, 2018 effective date, a panel of experts agreed today. Whether those mandates are softened or not remains to be seen.
Mixed Reviews on Wagner Bill to Scrap DOL Rule
A new bill by Rep. Ann Wagner, R-Mo., draws mixed reviews at a House subcommittee hearing today. The bill would scrap the Department of Labor fiduciary rule in favor of a more industry friendly standard.
Trump’s DOL Backs Fiduciary Rule in Legal Brief
Any thoughts that new Labor Secretary Alexander Acosta would decline to defend the controversial fiduciary rule went out the window with a brief filed Monday in the Fifth Circuit Court of Appeals.
Comments Frame SEC Fiduciary Debate
The SEC is hinting at taking up fiduciary rulemaking. New Chairman Jay Clayton kicked off the process June 1 by soliciting public comment. Investors and advisors responded with concerns.
IMOs Have Tricky Path To Sales Under DOL Rules
IMOs and FMOs should be fine to sell variable and fixed indexed annuities under the transition Best Interest Contract for the rest of the year, a pair of experts say. But a definitive word is unknown.
States Pushing Fiduciary Rule Standards (With Success)
States are charging into the fiduciary pool, with Nevada passing a fiduciary standard for any advisors licensed to do business in the state. Others are seeking fiduciary language via other means.
If the GOP doesn’t get its border tax proposal, it will be looking for revenue, and retirement plan incentives could be in the crosshairs.
Could Financial Advisors Go The Way Of The Traditional Camera?
Technology has made the traditional camera obsolete, and financial advisors could be the next to find themselves discarded in the wake of new technology, according to a speaker at an Insured Retirement Institute conference.
A panel discussion at an industry conference looked at what could be next for the fiduciary rule.
Acosta: DOL Rule Concerns ‘Not Heard’ by Obama Appointees
Labor Secretary Alexander Acosta blasts the Obama administration for failing to consider industry concerns about the fiduciary rule. The DOL is busy reviewing the rule for possible changes, he told a House subcommittee today.
Here’s Your Guide to ‘Reasonable’ Comp Under DOL Rule
Any lawyer can sue on recommendations made after June 9 under the new fiduciary rule, one industry analyst says. Here’s what agents/advisors need to do to meet the new compensation regs.
DOL Rule Not Carved in Stone, Experts Say
Literally all avenues remain open to Labor Secretary Alexander Acosta to amend or rewrite the controversial fiduciary rule, analysts say. The rule begins to take effect June 9.
Acosta Declines to Delay DOL Fiduciary Rule
The Department of Labor fiduciary rule will begin taking effect as scheduled on June 9 after new Labor Secretary Alexander Acosta declined to delay the rule again.
Lawmakers to Trump: Delay the DOL Rule
Industry witnesses joined House Republicans Thursday in calling on President Donald J. Trump to further delay the Department of Labor fiduciary rule. The rule is slated to take effect in two phases: June 9 and Jan. 1, 2018.
All Eyes on Acosta as DOL Rule Clock Winds Down
Newly sworn-in Secretary Alexander Acosta holds the fate of the Department of Labor fiduciary rule. Will he choose to fight to delay and amend the Obama-crafted rule? Absent a reprieve, the rule begins taking effect June 9.
DOL Rule, Dodd-Frank Face Intransigent Senate
Republican-led House is eager to pass legislation gutting Dodd-Frank and blocking the Department of Labor fiduciary rule; Will the Senate go along?
Lawmakers to DOL Secretary: Kill That Rule
More than 100 Republican lawmakers sign a letter asking Department of Labor Secretary Alexander Acosta to eliminate the fiduciary rule.
DOL Fiduciary Rule Comment Period Closes
Comments were accepted for 15 days on a 60-day delay of the rule, and for 45 days on the rule itself. Now we wait to see what the Department of Labor does next.
Fiduciary Rule Comments Due By Monday Night
The Department of Labor is accepting public comments on its controversial fiduciary rule through the end of the day Monday. Recent history indicates that public feedback is effective in shaping a final rule.
DOL Not Backing Down From Fiduciary Rule, Analysts Say
The Department of Labor delayed its controversial fiduciary rule by 60 days, but it a closer look reveals the agency is not backing off the tougher aspects of the rule, a leading law firm states.
Warren’s Fuzzy Math On Fiduciary Rule Doesn’t Add Up, Analyst Says
Sen. Elizabeth Warren, D-Mass., says the 60-day delay in the Department of Labor fiduciary rule will cost investors nearly $4 billion over 30 years. But are her numbers correct? Not even close, one expert says.
DOL Delay of Fiduciary Rule Out Today
The Department of Labor could use the 60-day delay to rework the more controversial aspects of the Obama-authored fiduciary rule, analysts say.
IMOs to DOL: Delay Rule and Fix Our Exemption
Insurance marketing organizations want the Department of Labor fiduciary rule delayed. In particular, so the department can fix an exemption that will allow marketing organizations to sell certain annuities.
DOL Fiduciary Rule Delay Sent to OMB
The Department of Labor sent its rule Tuesday mandating a 60-day delay of its controversial fiduciary rule to the Office of Management and Budget. The delay is expected to become official soon.
DOL Rule Generates Flood of Comments, Petitions
The Department of Labor received 1,001 individual comments and 20 petitions on a tentative 60-day delay of its controversial fiduciary rule. How will the comments influence the DOL approach?
Survey Says: 79% of Americans Shun Advisors
Seventy-nine percent of Americans have never hired an advisor, according to a new study commissioned by the Million Dollar Round Table. Survey shows Americans who have used an advisor are much better prepared to invest for retirement.
DOL Nominee Stands Up to Sen. Warren on Fiduciary Rule
Alexander Acosta, Labor secretary nominee, deflected a grilling today from Sen. Elizabeth Warren on the department’s controversial fiduciary rule. Acosta said he will follow the president’s directive on the rule.
Texas Judge Shoots Down DOL Rule Injunction Request
Judge Barbara M.G. Lynn cites a string of court losses in refusing to grant an injunction halting the Department of Labor fiduciary rule. Three courts have ruled against plaintiffs so far.
Plaintiffs: Only an Injunction Removes DOL Rule Threat
Not enforcing the Department of Labor fiduciary rule in the short term does not remove the threat to the financial services industry, a court brief argues. Only a preliminary injunction will do that, plaintiffs say.
Judge: Explain Need for DOL Rule Injunction
Plaintiffs ask a Texas judge for an emergency injunction halting the Department of Labor fiduciary rule from taking effect April 20. Judge questions whether that is even necessary given a new DOL bulletin.
DOL: We Won’t Enforce Fiduciary Rule While Delay is Undecided
The Department of Labor says it will not enforce its controversial fiduciary rule until a measure to delay the rule is resolved. The DOL published a bulletin Friday in response to questions from financial services professionals.
Comments Flood DOL on Fiduciary Rule Delay
The Department of Labor is accepting comments through March 17 on a measure that would delay the department’s controversial fiduciary rule. Nearly 300 comments have been received so far.
DOL To Delay Fiduciary Rule 60 Days
The Department of Labor will publish a 60-day delay of its fiduciary rule tomorrow.
OMB Pushback Endangers DOL Fiduciary Rule Delay
The Office of Management and Budget finds the fiduciary rule to be ‘economically significant,’ which means extra work for the Department of Labor to delay the controversial Obama regulation.
Plaintiffs Appeal Texas Decision on DOL Rule
Judge Barbara M.G. Lynn awarded a summary judgment to the DOL on Feb. 8, the third court to side to the government on the controversial rule. Plaintiffs say the fight continues.
OMB Ponders Legal Implications of DOL Rule Delay: Sources
Several sources said the Office of Management and Budget is concerned that pro-rule groups will sue if the DOL fiduciary rule delay is not done properly.
OMB Working to Finalize DOL Rule Delay
The Office of Management and Budget could publish an ‘interim final rule’ to delay the controversial fiduciary rule. This method would enable the agency to make the delay effective before taking public comment.
Judge Again Upholds DOL Fiduciary Rule
Kansas judge rules for the Department of Labor in an appeal of an earlier decision upholding the agency’s controversial fiduciary rule. DOL rule opponents have lost cases in three federal courts.
New Labor Secretary Nominee Brings Legal Mind to Fiduciary Debate
New labor secretary nominee Alexander Acosta has an impressive record of accomplishments in the legal field. Will it help or hurt opponents of the DOL fiduciary rule?
