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Although President-elect Joe Biden will exert considerable influence over the Securities and Exchange Commission, the agency’s Regulation Best Interest is probably not going anywhere. At least not right away, say industry officials.

TIAA, a leading provider of secure retirements and outcome-focused investment solutions, said Roger W. Ferguson, Jr., intends to retire as president and CEO on March 31, 2021. Ferguson is rumored to be on President-elect Joe Biden’s shortlist for a cabinet position.
Judy Shelton

President Donald Trump’s conservative nominee for the Federal Reserve is in danger today after Sen. Lamar Alexander, R-Tenn., withdrew support. The surprising announcement puts the controversial economist’s confirmation in doubt during the the final months of the Trump presidency.

COVID-19 has shifted consumer behavior, but most auto insurers have struggled to respond to those behaviors quickly enough. Moreover, providing consumers with the insurance bundle they need, at the time they need it and at a rate they can afford remains a long-lasting challenge for many insurers.

In general, AG 49 reduced illustrated rates in the industry, producing customer expectations that are more likely to be met. However, IUL is still relatively new and, because the industry is innovative, new IUL designs were introduced that had not been contemplated when AG 49 was passed.

Wells Fargo’s former chief executive and former head of Wells Fargo’s Community Bank defrauded investors by using a metric that was inflated by accounts that were opened for consumers who did not ask for or want them, according to new charges filed by the Securities and Exchange Commission.

The Department of Labor has one week to publish its investment advice rule to avoid a quick hook by the incoming Joe Biden administration. Any rules published in the final 60 days of an administration, known as “midnight regulations,” can be rescinded by the incoming administration.