The financial industry is urging the Labor Department to postpone full enforcement of the fiduciary rule by at least 24 months rather than 18 months. Organizations including the National Association of Insurance and Financial Advisors and the Securities Industry and Financial Markets Association said in comments to the department that 18 months isn't enough to properly review and then comply with the rule.
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Federal Reserve Chair Janet Yellen is widely expected to announce this week the start of passive unwinding of the central bank's $4.5 trillion portfolio, but how much the balance sheet will shrink remains unknown. The Fed's liabilities have increased, so the balance sheet must remain larger than the 2008 level, which was less than $900 billion.
Dozens of Democratic lawmakers have signed a letter asking Education Secretary Betsy DeVos to reinstate agreements that let the department share student-loan data with the Consumer Financial Protection Bureau. DeVos says the CFPB has overstepped boundaries in use of information from the Education Department.
Bank of America has shuttered nearly 1,600 branches since the financial crisis but reportedly plans to add branches in urban areas. The bank had branches in 253 fewer counties last year than it did in 2009, according to regulatory data.
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Sen. John Kennedy, R-La., says he is undecided on legislation to block the Consumer Financial Protection Bureau's arbitration rule. Television ads aimed at Kennedy are airing in Louisiana, and bank lobbyists have met with the senator in Washington, D.C.
Senators are filing bills in response to the Equifax data breach, including one that seeks to restrict data brokers' ability to sell consumers' personal information to marketing companies. In addition, Sen. Elizabeth Warren, D-Mass., is asking the Federal Trade Commission and the Consumer Financial Protection Bureau to investigate data security.
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The majority of individual retirement account owners who are over age 70 only make withdrawals from them because of the required minimum-distribution rules, a report from the Employee Benefit Research Institute shows. The report, based on 2015 year-end figures, adds that in most cases, withdrawals are pegged to the minimum amount required.
Most financial firms have yet to incorporate machine learning into operations, though many are looking into this technology. "Throw a dart at any investment process and someone, somewhere has automated every part of it," said Gary Kazanstev, Bloomberg's head of machine learning.