FSR: Roll back safe harbor on state-run automated IRAs | Banks reportedly eye joint venture to cut costs | Vanguard, BlackRock want fiduciary rule postponed
March 28, 2017
Financial Services Roundtable SmartBrief
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FSR: Roll back safe harbor on state-run automated IRAs
Congressional Republicans are looking to roll back a safe-harbor clause that keeps automated individual retirement accounts run by states from being subject to certain federal rules, and FSR supports the repeal effort. "The states should be able to offer anything to private-sector employees that are subject to the same standards and requirements," said Jill Hoffman, an FSR vice president, adding that "if it's good enough for the private sector, it should be good enough for the state."
Politico (3/27) 
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Industry Watch
Banks reportedly eye joint venture to cut costs
Major banks intent on lowering operational costs are discussing a joint venture to share trade technology and processes, sources say. Early talks reportedly have happened among banks including Bank of America, Goldman Sachs and Morgan Stanley.
The Wall Street Journal (tiered subscription model) (3/27) 
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Vanguard, BlackRock want fiduciary rule postponed
BlackRock and Vanguard say the fiduciary rule should be delayed beyond its current April 10 effective date, citing confusion among investors and burdens on the industry. Vanguard suggests that the rollout be pushed back at least 12 months.
InvestmentNews (tiered subscription model) (3/27) 
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Ex-FDIC head Bair takes China bank directorship
Sheila Bair, former head of the US Federal Deposit Insurance Corp., has been appointed a nonexecutive director at Industrial and Commercial Bank of China, the country's largest commercial lender.
Reuters (3/27) 
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Bond buying surges as "Trump rally" stalls
Growing skepticism that the Trump administration can bring about promised economic growth has sparked a rally in the relatively safe haven of US government bonds. After the administration's health care bill failed, yield on the benchmark 10-year Treasury note dropped to 2.373% Monday, which denotes a rise in bond prices.
The Wall Street Journal (tiered subscription model) (3/28) 
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PIMCO to pay Gross $81M to settle lawsuit
PIMCO to pay Gross $81M to settle suit
Gross (Mark Wilson/Getty Images)
PIMCO co-founder Bill Gross has accepted an $81 million settlement after a dispute with the firm from which he was ousted in 2014. His lawsuit against PIMCO, which had assets under management of $1.5 trillion at the end of 2016, appears to have ended amicably, and the firm has promised to open a Founders Room at its office to honor Gross and other founders.
Bloomberg (3/28),  CNBC (3/27),  The Wall Street Journal (tiered subscription model) (3/27) 
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Retirement Security
Tontine investment funds could make a comeback, professor says
A centuries-old investment vehicle known as a tontine fell out of use long ago but may be poised for a return, as it provides a simple method of retirement saving, says professor Moshe Milevsky of York University in Toronto. In a tontine, members invest equally in a fund and draw annual payments from it, with payments increasing for surviving members as each member dies, and the last remaining member taking the whole pot.
The New York Times (free-article access for SmartBrief readers) (3/24) 
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FSR: Advocacy. Action. Results.
BB&T Partnership Helps Those Seeking Citizenship
HUF and BB&T partnership
Luis Lobo, BB&T multicultural manager, leads a class (BB&T)
The reasons people immigrate to the US differ, but each story is typically laced with the common thread of achieving the American dream. The Hispanic Unity of Florida (HUF) eases the transition for newcomers. The nonprofit offers assistance to a diverse community. "HUF has been around for a long time. While they're primarily known for helping Hispanics, they also help those from other backgrounds and cultures," said Arthur Costa, regional multicultural banking officer. In 2016, BB&T awarded HUF a $75,000 grant to support the organizations' Pathways to Citizenship program. Learn more. 
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