Most Clicked SIFMA SmartBrief Stories


1. Senate spending bill includes Dodd-Frank revision

SIFMA SmartBrief | Jul 23, 2015

The Senate banking committee is attaching to a critical spending bill a measure that would change the Dodd-Frank Act. The measure would raise to $500 billion, from $50 billion, the asset threshold for banks considered "too big to fail," letting regulators exempt smaller banks from tougher oversight and capital requirements. The Associated Press (07/22) The Hill (07/22)


2. Labor not listening to fiduciary comments, SEC official says

SIFMA SmartBrief | Jul 27, 2015

Securities and Exchange Commission member Daniel Gallagher doubts the U.S. Department of Labor is listening to public comment about its proposed fiduciary rule, he says in a letter to Labor Secretary Thomas Perez. "It is clear to me that the [department] rulemaking is a fait accompli and that the comment process is merely perfunctory. ... I am convinced that the rule, when finalized, will harm investors and the U.S. capital markets," Gallagher wrote. Visit SIFMA's DOL Fiduciary Standard Resource Center. BenefitsPro.com (07/23)


3. Major banks face class-action suit over Treasurys

SIFMA SmartBrief | Jul 27, 2015

A class-action lawsuit alleging conspiracy to manipulate Treasury prices was filed Thursday in U.S. District Court in New York against 22 banks by Boston's municipal pension fund and other investors. According to the complaint, the banks swapped information and coordinated strategies. CNBC (07/24) Boston Herald (07/25)


4. Obama, Labor face lawmaker pressure to start over on fiduciary rule

SIFMA SmartBrief | Jul 28, 2015

Four lawmakers are pressuring President Barack Obama and the Department of Labor to start fresh on a proposed fiduciary standard for financial professionals who provide retirement advice. "We ask that you join our letter to the Department of Labor asking for a re-proposal on their fiduciary rule-making, in order to ensure that there are no unintended consequences in enforcing a best interest standard that could negatively impact millions of low- and middle-income investors," according to a letter from Reps. David Scott, D-Ga.; Lacy Clay, D-Mo.; Ann Wagner, R-Mo.; and Andy Barr, R-Ky. The Hill (07/27)


5. SEC's Gallagher criticizes Labor's fiduciary proposal

SIFMA SmartBrief | Jul 22, 2015

The U.S. Labor Department's proposed fiduciary rule for financial professionals would harm the interests of middle-class clients, according to a public comment letter by Securities and Exchange Commission member Daniel Gallagher. He denounces the measure as "rampant nanny-statism." Reuters (07/21)


6. Perez says Labor "flexible" on rulemaking for fiduciary proposal

SIFMA SmartBrief | Jul 22, 2015

Department of Labor Secretary Thomas Perez told members of a Senate subcommittee that the department's fiduciary proposal will include changes. "We are very flexible in how to get this [rulemaking] done," he said. "We haven't made any decisions yet on what to do [regarding amending the redraft] because the comment period is still open. But we've gotten some great advice." SIFMA stated in comment letters that the Labor Department is not the right regulator to be leading this effort, and the rule as written misses the mark. The proposal would limit access to investment advice, and make receiving and giving it much more expensive, SIFMA wrote. Visit SIFMA's DOL Fiduciary Standard Resource Center. Pensions & Investments (free access for SmartBrief readers) (07/21) InvestmentNews (free registration) (07/21) ThinkAdvisor (07/21)


7. House committee tells Labor to drop fiduciary proposal

SIFMA SmartBrief | Jul 24, 2015

Republicans on the House Education and the Workforce Committee said in a letter to U.S. Labor Secretary Thomas Perez that his agency should withdraw its proposed fiduciary standard. Lawmakers said they are concerned that the proposal would cut off financial advice needed by small-business owners and families with modest resources. The Labor Department has limited time to complete the rule. Pensions & Investments (free access for SmartBrief readers) (07/23)


8. Basel Committee, IOSCO publish criteria for assessing ABS risks

SIFMA SmartBrief | Jul 24, 2015

The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have released criteria showing that asset-backed securities should pool similar assets to be labeled "simple, transparent and comparable." Bloomberg Brief (07/23)


9. BofA CFO departs; wealth-management chief retires

SIFMA SmartBrief | Jul 23, 2015

Chief Financial Officer Bruce Thompson is leaving Bank of America, and David Darnell, a vice chairman responsible for the wealth-management division, is retiring, the bank announced. Thompson was seen as a possible successor to CEO Brian Moynihan. CNBC (07/22) The New York Times (free-article access for SmartBrief readers) (07/22) Financial Times (tiered subscription model) (07/23) The Wall Street Journal (tiered subscription model) (07/22)


10. Fed mistakenly publishes interest-rate forecast

SIFMA SmartBrief | Jul 27, 2015

The Federal Reserve inadvertently published a forecast by staff economists showing they expect a quarter-point increase in interest rates this year. Fed officials blamed staff-level procedural errors. The matter has raised questions about the Fed's ability to keep information confidential. The Wall Street Journal (tiered subscription model) (07/24) Reuters (07/24)




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