Regulation

Senate Banking Committee Republicans worry Securities and Exchange Commission chairman Mary Schapiro and other regulators are rushing to implement rules mandated by the Dodd-Frank Act without sufficient regard to cost-benefit analyses or public comments.

The CFP Board of Standards handed down disciplinary actions against 27 financial planners who use the CFP mark, the board announced.

The sweeping move affected financial planners in 14 states, and is the largest number of sanctions that the CFP Board has issued in three years, Dan Drummond, a CFP Board spokesman said in a telephone interview Wednesday morning.

Just one day after the Municipal Securities Rulemaking Board issued a draft rule on muni advisors’ fiduciary duties, market participants are questioning the scope of the rule and whether it would apply to dealer-advisers.

Republicans and Democrats sparred Tuesday over the economic impact of derivatives regulations as the House prepared for a broader fight over the budgets of agencies tasked with writing and enforcing the new rules.

The $3.7 trillion fiscal 2012 budget proposed by President Obama Monday would permanently reinstate an expanded Build America Bond program but at a lower 28% subsidy rate.

Although the estimated costs of the Troubled Asset Relief Program have fallen markedly during the past year, the Obama administration's 2012 fiscal budget said the largest banks that benefited from the bailout should still be taxed to make up any cost to the government.

Bonaire Software Solutions announced Monday that it has signed a record number of new clients for its REVPORT revenue management and fee billing software suite.

TD Ameritrade has agreed to distribute approximately $10 million to customers who continue to hold shares of the Reserve Yield Plus Fund, a mutual fund that famously "broke the buck" on the net value of its assets in September 2008.

As a House Judiciary Committee panel meets Monday to hold a hearing on public pensions and the need for state bankruptcy protection, pension and muni bond experts are opposing a recently introduced bill that would prohibit them from issuing tax-exempt bonds unless they subject their pension plans to federal oversight and regulation.