Groups want 24-month delay of fiduciary rule | How much will the Fed shrink its balance sheet? | DeVos urged to reinstate CFPB student-loan data deals
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September 19, 2017
Financial Services Roundtable SmartBrief
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Groups want 24-month delay of fiduciary rule
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.
Financial Advisor online (9/18) 
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The Future of Digital Banking: Personalized CX
At Appway Sphere for Financial Services, guest speaker Alyson Clarke of Forrester will discuss the importance of leaving old strategies behind, adopting new innovations such as the IoT, AI, and chatbots, and how you can prepare for the next evolution of digital financial services. Register now >
Industry Watch
How much will the Fed shrink its balance sheet?
How much will the Fed shrink its balance sheet?
Yellen (Mark Wilson/Getty Images)
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.
The Wall Street Journal (tiered subscription model) (9/18) 
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DeVos urged to reinstate CFPB student-loan data deals
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.
The Hill (9/15) 
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N.Y. governor wants credit bureaus regulated like banks
Credit reporting agencies would have to register with the New York Department of Financial Services and would face the same rules as banks and insurers under a proposal by Gov. Andrew Cuomo.
The New York Times (free-article access for SmartBrief readers) (9/18) 
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BofA shifts focus to urban areas
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.
The Wall Street Journal (tiered subscription model) (9/17) 
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The digitally-enabled bank of the future
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The Latest from Capitol Hill
La. senator seen as swing vote on arbitration rule
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.
The Advocate (Baton Rouge, La.) (9/17) 
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Senators push for limits on data brokers' activities
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.
The Washington Times/The Associated Press (9/17) 
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Quarterly Small Business Leadership Report
Three industry heavy weights dish up the facts on what you need to know about the future of collaboration, increasing productivity and readying the office for the millennial workforce. Read the guide.
Retirement Security
Report highlights reluctance to make IRA withdrawals
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.
ThinkAdvisor (free registration) (9/15) 
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Technology in the Financial Industry
Machine learning gains traction in finance
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.
Bloomberg Professional Services (9/14) 
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Optimism is the faith that leads to achievement.
Helen Keller,
writer and activist
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