Treasury Department ends myRA program
The U.S. Department of the Treasury announced that it will end the myRA (my Retirement Account) program initiated during the Obama Administration due to lack of usage. The myRA, a tax-deferred Roth...
Read MoreAuthor: Dave Kovaleski
Amex, MineralTree offer accounts payable solution for companies
American Express and MineralTree, an accounts payable provider, have teamed up to streamline accounts payable processes by providing a platform that incorporates the American Express Corporate Card in...
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FINRA, Securities Investor Protection Corporation enter agreement to ease financial reporting burden for firms
The Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA) entered into a services agreement designed to ease reporting burdens and compliance costs ...
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Regulatory costs causing decline of small municipal finance firms, expert says
Many small U.S. broker-dealers and financial advisors are abandoning the municipal finance business due to the increased costs of regulatory reform, said Kevin Dunphy, head of finance at Mitsubishi UF...
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Most financial companies are not prepared for IT security risks, according to survey
Only 36 percent of financial organizations around the globe say they are prepared to handle information technology (IT) risks, according to a survey by Netwrix, a data security company. The Netwrix...
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NAFCU backs Treasury proposal for regulatory reform
The National Association of Federally Insured Credit Unions (NAFCU) voiced its support this week for the Trump Administration’s plans for regulatory reform in a letter sent to the U.S. Treasury. ...
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Alabama approves bill that says small businesses do not need delivery licenses
A bill that allows businesses in the state to no longer be required to purchase a delivery license if their deliveries do not exceed $10,000 annually was signed into law by Alabama Gov. Kay Ivey this ...
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Economy grows 2.6 percent in second quarter
The U.S. economy grew 2.6 percent in the second quarter, according to the U.S. Commerce Department’s Bureau of Economic Analysis – a sign that the Federal Reserve may hold interest rates where the...
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Reps. Stivers, Walz float bill to create Inspector General for CFPB
U.S. Reps. Steve Stivers (R-OH) and Tim Walz (D-MN) introduced legislation last week that creates the position of an independent Inspector General (IG) at the Consumer Financial Protection Bureau (CFP...
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Reps. Royce, Moore sponsor bill to require GSE’s to increase credit risk transfers
Legislation requiring government-sponsored entities (GSEs) Fannie Mae and Freddie Mac to increase credit risk transfers (CRT) with the private sector was introduced in the House this week by Reps. Ed ...
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Insured Retirement Institute asks Congress to preserve tax treatment of retirement savings
The Insured Retirement Institute (IRI) urged Congressional leaders to protecting and enhancing the tax code as it relates to retirement savings in its tax reform plans. Congressional Republicans, ...
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Congressional Republicans release tax reform framework
Republicans in Congress released a broad framework for tax reform last week that will form the basis of legislation to fix what they call the broken tax system in the United States. Committees will...
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House bill would change the definition of “joint employer”
A bipartisan bill to amend the National Labor Relations Act and the Fair Labor Standards Act and restore the definition of “joint employer” was introduced in the House last week. The “Save Lo...
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Retailers praise Congressional decision to not include Border Adjustment Tax in tax reform
The Trump Administration and Congressional leadership eliminated the possibility of imposing a Border Adjustment Tax (BAT) in its tax reform proposal, drawing praise from the Retail Industry Leaders A...
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FHFA releases first quarter credit risk transfer report
Fannie Mae and Freddie Mac transferred $5.5 billion of credit risk on mortgages with an unpaid principal balance (UPB) of $174 billion through capital markets, reinsurance, and front-end reinsurance t...
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Almost two-thirds of Americans participate in employer-sponsored retirement plans
The Investment Company Institute (ICI) reports that 63 percent of all workers aged 26 to 64 participate in an employer-sponsored retirement plan either directly or through a spouse. The data, repor...
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NAFCU meets with lawmakers on Capitol Hill to discuss regulatory relief
National Association of Federally Insured Credit Unions (NAFCU), along with representatives from various financial industry trade organizations, met with lawmakers on Capitol Hill last week to discuss...
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Insurers applaud House hearing on cybersecurity for small businesses
A House Committee on Small Business hearing entitled “Protecting Small Businesses from Cyber Attacks: The Cybersecurity Insurance Option,” recently examined how small businesses can manage their r...
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House Republicans seek to overturn CFPB rule that permits class-action suits against banks
Republicans on the House Financial Services Committee introduced a resolution of disapproval last week to nullify a Consumer Financial Protection Bureau (CFPB) rule that allows consumers to file a cla...
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Effects of Fed’s monetary, fiscal policy examined at House subcommittee hearing
The impact of monetary and fiscal policy on price stability and the economy was discussed at a House Subcommittee on Monetary Policy and Trade hearing last week, which mainly focused on the interactio...
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