Regulation

WASHINGTON-The U.S. debt, $9.5 trillion in 2010, could reach $25.9 trillion by 2021 if not kept in check. This was the warning of Erskine B. Bowles, former White House chief of staff, and Alan K. Simpson, former Senator from Wyoming, who are co-chairs of the National Commission on Fiscal Responsibility and Reform, speaking at the Investment Company Institute's General Membership Meeting here.

FINRA has hit Wells Fargo Advisors with $1 million in fines for delayed delivery of prospectuses to its mutual fund customers and required regulatory disclosure information about its representatives.

In a recent filing, State Street, the Boston, Mass.-based institutional investor services firm, revealed that the Securities and Exchange Commission (SEC) and other federal authorities have inquired about its past foreign exchange practices.

New rules targeting broker-dealers could mean new exams for certain management professionals and new standards for SEC inquiries.

A group of Democratic members of the House, led by Rep. Carolyn McCarthy (D-NY) and Rep. Rush Holt (D-NJ), has written to the Department of Labor criticizing a new rule that would redefine the term fiduciary in the Employee Retirement Income Security Act of 1974.

A two-hour Senate Banking Committee hearing Thursday touched on virtually every major financial services topic under the sun but resolved little.

Top House Democrats attempted to halt momentum Wednesday for a bill to delay by 18 months the derivatives provisions of the Dodd-Frank Act.

Investment firms sparred with regulators during a Securities and Exchange Commission roundtable over the potential risk money market funds could pose to the financial system.

Federal Deposit Insurance Corp. Chairman Sheila Bair said Monday she will step down from her post on July 8.

While Shelby has every right to seek changes to laws that don't work, he should give Dodd-Frank and the Consumer Financial Protection Bureau a chance before trying to crush them.