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Financial advisors Richard Freedman and Laurence Bricmont have been registered with UBS since May 19, according to records from the Financial Industry Regulatory Authority.

Bank of America Corp. will pay $20 million and Morgan Stanley $2.35 million for improperly foreclosing on members of the military — some of whom were on active duty in Iraq and Afghanistan — under a settlement with the Justice Department.

Chuck Gariboldi has joined U.S. Bancorp Fund Services as vice president and fund operations manager, in charge of daily operations in the fund accounting division. Gariboldi will also work with other divisions of the company to ensure accounting operations and policies meet evolving client and industry trends.

Bank of America Corp. will pay $20 million and Morgan Stanley $2.35 million for improperly foreclosing on members of the military — some of whom were on active duty in Iraq and Afghanistan — under a settlement with the Justice Department.

FDIC's Sheila Bair spent one of her last congressional hearings trying to convince skeptical Republicans that "too big to fail" has finally been eliminated.

The median annual cost of care in a private nursing home rose 3.4% over the past year to $77,745—far surpassing the $49,777 median annual household income for Americans, according to Genworth’s “2011 Cost of Care Survey.” And the cost of an assisted living facility rose 2.4% over the past year to $39,135.

The Bloomberg Consumer Comfort Index rose to -48.2 in the week ended May 22, up from a nine-month low of -49.4 the previous week. Readings of -40 or less are associated with recessions and their aftermaths, Bloomberg said.

Year-to-date cash contributions through April to equity and hybrid funds have surpassed inflows to fixed income funds for the first time since the financial crisis, Strategic Insight said.

National Advisors Trust revamps its board of directors with a trio of new members and the appointment of a new chairman.

The Financial Industry Regulatory Authority has fined Credit Suisse Securities (USA) $4.5 million, and Bank of America's Merrill Lynch unit $3 million for misrepresenting delinquency data and inadequate supervision in connection with the issuance of residential subprime mortgage securitizations.