Wells Fargo & Co. has told some employees to stop cross-selling products to customers, while the Senate Banking Committee’s Republican majority said late Monday it plans a hearing into the bank’s sales practices. The committee intends to question Wells Fargo Chief Executive John Stumpf about the events that led the bank to pay a $185 million fine and […]
In the face of a fierce lobbying campaign, the U.S. Labor Department backed down in 2010 from a sweeping proposal to change how broker-dealers and investment advisers render advice on retirement accounts. Six years later, with that rule set to take effect next April, the fight over the so-called “fiduciary rule” is heading to court. On Thursday, […]
The Consumer Financial Protection Bureau’s latest proposed rule has been met with nearly universal scorn by the financial industry. It could soon turn into a legal challenge. Though the open comment period on the so-called arbitration rule ended Monday and the bureau has received thousands of comments, the fight is only heating up. The rule […]
FOR IMMEDIATE RELEASE Monday, August 22, 2016 Contact: Nick Jacobs, 202-618-6430 or [email protected] **Read Better Markets’ entire comment letter on CFPB’s proposed rule on arbitration agreements here.** Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, released the following statement in conjunction with Better Markets’ submission of a comment letter to the Consumer Financial Protection […]
With the Labor Department’s fiduciary rule slated to take effect in April, industry opponents are hinging their hopes on stalling or blocking the regulation through three separate legal challenges. But in the meantime, they’re also planning for another possibility: full implementation of the rule. “Almost every company we’ve talked to since the rule has come […]
I recently sat down for lunch with Dennis Kelleher, the president and chief executive of Better Markets, which Kelleher describes as “an independent, nonpartisan, nonprofit that fights for the economic security and prosperity of the American people by advocating for a strong, stable and balanced financial system.” He has worthy insights regarding the current state […]
WASHINGTON — Three consumer groups are asking a D.C. federal court to deny a trade group’s request for an injunction that would bar the Department of Labor (DOL) from implementing its fiduciary standard rule next April, pending further legal proceedings. The friend of the court brief was filed by Better Markets, Inc., Consumer Federation of […]
(Reuters) – It took the Department of Labor three tries to adopt new rules for brokers and financial advisers who sell retirement-related products. As Reuters reported when the new policy was adopted last April, the Labor Department’s previous attempts in 2010 and 2015 met with such an outcry from the insurance, brokerage and investment advisory industries that proposals were […]
“A fight is brewing in the Kansas and Texas courts over whether to allow advocates and opponents of the Department of Labor’s fiduciary rule to state their case. “Insurer Market Synergy urged a Kansas judge Friday to throw out the “barrage” of amicus briefs filed by supporters of DOL’s rule on the basis that the […]
“At the end of 2015, there were at least 48 bills pending before Congress that sought to change, defund, or otherwise weaken the Consumer Financial Protection Bureau. None of them passed. “Yet some critics of the bureau think there is a renewed chance to change the bureau’s structure. They point to the presidential election and […]
“Saving for retirement means navigating a potential minefield of high fees and bad advice. Billy Eichner and Kristin Chenoweth share some tips.”
“Professional groups representing the brokerage and insurance industries last week finally broke their silence on the Labor Department’s regulation to raise investment advice standards for retirement accounts by filing a lawsuit that could put the rule in limbo. “We will ask the court to proceed quickly in the case given how burdensome and disruptive the […]
FOR IMMEDIATE RELEASE Thursday, June 2, 2016 Contact: Nick Jacobs, 202-618-6430 or [email protected] Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on a lawsuit filed by Wall Street’s biggest trade groups and allies (including the Securities Industry and Financial Markets Association, the Financial Services Roundtable, and the U.S. Chamber of Commerce) […]
“Wall Street and business lobbying groups have teamed up to fight the Obama administration’s new rules for U.S. brokers managing retirement accounts, saying the regulations include a “deliberately unworkable” fiduciary standard. The U.S. Chamber of Commerce joined groups including the Securities Industry and Financial Markets Association and the Insured Retirement Institute in filing the lawsuit […]
“The U.S. Chamber of Commerce has joined with a group of Wall Street trade groups – including the Financial Services Institute, Financial Services Roundtable, and the Securities Industry and Financial Markets Association – and filed a lawsuit challenging the Department of Labor’s fiduciary rule for brokers and registered investment advisers. *** But Dennis Kelleher of Better Markets […]
“A spending bill that funds watchdog agencies overseeing Wall Street will offer lawmakers one of their last opportunities to undercut President Barack Obama’s signature financial overhaul before the November elections.” “Financial interests are pushing for big changes, championed mostly by Republicans, to the Consumer Financial Protection Bureau in the $21.7 billion House Financial Services draft appropriations […]
“The $14 trillion retirement industry is about to undergo a major overhaul: Brokers for the first time will be forced to consider the best interest of their clients — rather than the brokers’ own fees — in recommending investments. “The US Department of Labor announced the new rules, the first in decades, on Wednesday, after […]
FOR IMMEDIATE RELEASE Tuesday, April 6, 2016 Contact: Shanessa Bryant, 202-618-6433 or [email protected] Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on the release of the Department of Labor’s (DOL) final rule requiring that brokers and other financial advisers giving retirement advice must put their clients’ best interests first, […]
FOR IMMEDIATE RELEASE Thursday, March 3, 2016 Contact: Shanessa Bryant, 202-618-6433 or [email protected] Better Markets Applauds Sen. Warren’s Call for Making Sure the Public Interest is a Priority at Financial Regulatory Agencies Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following remarks by Senator Elizabeth Warren on the problem of […]
House Speaker Paul Ryan is wrong to oppose a rule that would protect retirement savers by putting their best interests first. House Speaker Paul Ryan has recently repeated industry talking points in opposing a rule that would require all financial advisers—including brokers and insurance agents–to put their clients’ interests first when recommending retirement investments. Today, those […]
FOR IMMEDIATE RELEASE Wednesday, February 24, 2016 Contact: Shanessa Bryant, 202-618-6433 or [email protected] House Speaker Paul Ryan is Wrong to Oppose Putting Retirement Savers’ Best Interest First Washington, DC — House Speaker Paul Ryan recently announced his opposition to a Department of Labor proposed rule that would close a 40 year old loophole and require […]
“President Barack Obama is not expected during his last State of the Union address to run through a to-do list of upcoming priorities. Rather, he will instead recount the achievements he’s made during his eight-year presidency. One of those achievements he likely will tout will be strengthening protections for retirement savers via the Department of […]
President & CEO of Better Markets Dennis Kelleher was on PBS NewsHour on Tuesday, December 16th discussing the Department of Labor’s (DOL) proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement advice. You can watch the segment, titled Can you trust your financial adviser? Labor Department wants […]
“Lot of people peeved with the anonymous snipe at Hillary Clinton saying the GOP wants to defund the CFPB even though the CFPB is funded through the Fed. Dennis Kelleher from Better Market: “Republicans have consistently tried to eliminate CFPBs independent funding and subject it to the annual appropriations process, where, for example, they have […]
Our new web video highlights how right now, Wall Street is using the appropriations process to try to kill a Department of Labor rule supported by President Obama, Senator Booker, Senator Warren, and other leaders in Washington. This rule would protect the savings of tens of millions of Americans. Watch this video and call your Members […]
“As lawmakers work to negotiate a government spending bill, the financial industry is lobbying against a rule being crafted by the Labor Department aimed at protecting workers with retirement accounts. “Workers with retirement accounts may have a stake in this next story. It’s a debate over financial regulations, including one that is aimed at protecting […]
Washington, DC — Dennis Kelleher, President and CEO of Better Markets, issued this statement on Sec. Hillary Clinton’s support of the Department of Labor’s (DOL) proposed rule to protect Americans from conflicts of interest when brokers and other financial advisers give retirement advice: “We applaud Sec. Clinton for unequivocally supporting this key Department of Labor […]
FOR IMMEDIATE RELEASE Tuesday, October 27, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets Statement Following the House Vote on the Wagner Bill Washington, DC — Better Markets President and CEO Dennis Kelleher issued this statement following a vote in the House of Representatives on legislation introduced by Rep. Ann Wagner that would prevent […]
FOR IMMEDIATE RELEASE Tuesday, October 27, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets Statement on the Wagner Bill, the Lynch Amendment and Wall Street’s Latest Attempt to Kill the DOL’s Best Interest Rule Washington, DC — Dennis Kelleher, President and CEO of Better Markets, issued the following statement on the upcoming vote in […]
“Far too many business leaders today define the success of their company solely by the profit it generates. That’s one reason why so many Americans are losing faith in major corporations – they’re tired of seeing a mentality that puts profit before people, whether those people be the companies’ employees or their fellow citizens. “But […]
“The Consumer Financial Protection Bureau is moving toward new rules giving borrowers more rights to sue banks and credit-card companies, the agency’s latest attempt to shift the balance of power to consumers from financial institutions. “The CFPB is set Wednesday to propose rules that curb mandatory arbitration. The plan throws the new federal agency into […]
“The Obama administration is moving forward with a plan that could bring a sea change to how retirement advisors must treat their clients, while financial industry-allies in Congress engage in another round of push back. “The new rules for retirement advisors that the President and consumer advocates are pushing address a conflict of interest the […]
FOR IMMEDIATE RELEASE Wednesday, September 30, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets Statement on Legislation Reflecting Wall Street’s Latest Attempt to Kill the DOL’s Best Interest Fiduciary Rule Washington, DC — Dennis Kelleher, President and CEO of Better Markets, issued the following statement on the House Financial Services Committee markup today on legislation introduced […]
“Echoing an idea he advanced last week at a retirement industry symposium, Rep. Peter Roskam, R-Illinois, suggested the Department of Labor’s proposed fiduciary rule is part of the Obama Administration’s larger effort to force control of the country’s retirement savings into the hands of government. “The Administration’s own regulations, as well as public comments, have […]
“Earlier this year the Obama administration proposed a “conflict of interest” rule, designed to ensure that when it comes to saving for retirement, financial advisers always put their clients’ interests above their own — instead of, say, nudging their clients into investment products that pay the advisers more for their recommendation, but offer less return […]
“A group of House Dems wrote to Labor Secretary Perez asking the department to “further refine” its new rule on fiduciary duty for investment advisors. “Better Markets’ CEO Dennis Kelleher says the letter does not represent opposition to the rule: “We are confident that the Department will carefully consider the suggestions in this letter. However, […]
FOR IMMEDIATE RELEASE Thursday, September 24, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets Statement on More Than 90 House Democrats Agreeing that the DOL’s Best Interest Fiduciary Rule is Necessary and Appropriate Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement regarding the letter from more than 90 House […]
FOR IMMEDIATE RELEASE Thursday, September 24, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets Statement Following Filing Supporting the Department of Labor’s Best Interest Fiduciary Duty Rule **Click here to view the comment letter** Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following the filing of a comment letter […]
“If your entire understanding of the economy comes from headlines about the latest economic data, you would be forgiven for thinking these are the best of times. The unemployment rate is down to 5.1 percent, after all! “If your entire understanding of the economy comes from what is going on in financial markets, you would […]
“Jennifer Ryan did not love the idea of taking on debt, but she figured she was investing in her future. Eager to further her teaching career, she took out loans to gain certification and later pursued an advanced degree. But her studies came at a massive cost, leaving her confronting $192,000 in student loan debt. […]
“There’s a discussion going on that is vital to the retirement money you’ve worked so hard to save. “The Labor Department, directed by the Obama administration, is proposing that more advisers, when giving retirement investment advice, put their clients’ best interests first. “You’re probably thinking what I thought after learning about this: Wait, these advisers […]
“Your editorial fails to mention that conflicted investment advice costs Americans saving for retirement tens of billions of dollars a year in lost savings. Due to an outdated 40-year-old rule riddled with loopholes, brokers and insurance agents are allowed to recommend investments that pay big commissions, saddling their clients with huge fees and low returns. […]
“The traditional way of giving retirement advice is getting retired. “After a tug of war with the financial industry that has lasted more than five years, the U.S. Department of Labor is moving ahead on rules that will require anyone providing investment advice on your retirement plan or Individual Retirement Account to act in your […]
“WASHINGTON (MNI) – In the Washington arena where the financial industry jousts with public interest groups, the hills – including Capitol Hill – are alive with the sound of money and television ads and speeches and the little chimes of many, many emailed press releases reaching inboxes.” *** “Better Markets, an advocacy group that supports […]
“Better Markets does a comprehensive wrap up on the Department of Labor’s marathon four-day hearing on its fiduciary standard proposal for retirement investment advisors. Current law allows brokers and other advisors to put their economic interests above the best interests of clients saving for retirement. The Department of Labor has proposed an updated rule that […]
“The industry, naturally, treats this as the end of civilization as we know it. During a four-day hearing by the Department of Labor this week, an industry lobbyist fretted that “the new conflict of interest and fiduciary definition rules will generate uncertainty, cost and potential liability.” The life insurance industry warned that the rules would […]
The key takeaways from day four of the unprecedented four-day public hearing at the Department of Labor (DOL) to discuss its proposed best interest fiduciary rule: There is widespread support for DOL’s rule, including from many in the industry, who understand this a strong proposal that’s necessary to protect Americans’ retirement security. “Current laws allow […]
FOR IMMEDIATE RELEASE Thursday, August 13, 2015 Contact: Jeff Gohringer, 202-618-6430 or [email protected] Better Markets Statement Following the Conclusion of DOL’s Unprecedented Four-Day Hearing on the Clients’ Best Interest Standard Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement following the conclusion of the Department of Labor’s (DOL) hearing on their […]
The key takeaway from the third day of an unprecedented four days of a public hearing at the Department of Labor (DOL) to discuss its proposed best interest fiduciary rule: While it’s no surprise that industry has continued to claim DOL’s proposal is “unworkable” in an attempt to kill or gut the rule, leading labor, […]
The key takeaway from the second day of an unprecedented four days of a public hearing at the Department of Labor (DOL) to discuss its proposed best interest fiduciary rule: Outdated rules with loopholes enabling conflicted investment advice that hurts retirement savers desperately need change, yet the industry continues to defend the status quo — […]
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