Law and regulation

The three asset management firms are among those attempting to discount the credibility of a report released by the Office of Financial Research last month that argued such companies potentially pose a threat to the economy.

The Financial Stability Board lowered the proposed surcharge on globally systemically-important banks for Citigroup and Bank of New York Mellon, leaving JPMorgan Chase as the only U.S. institution to face the highest 2.5% capital buffer.

New registrants with the SEC or veteran advisors who haven't been examined in many years can expect to hear from regulators in short order, a prominent securities lawyer told attendees at Schwab Impact conference.

In a business update to CFP holders, the board presents research on its Let's Make a Plan campaign, clarifies its fee-only position -- and skips a discussion of recent controversy.

Despite a recent show of political opposition, the Labor Department seems poised to press ahead with a proposal to broaden the definition of fiduciary to cover advisors working in the retirement plan segment, a leading opponent of the measure warns.

Bank of America should pay the maximum penalty of $863 million for selling defective loans to Fannie Mae and Freddie Mac, given the egregiousness of the fraud, U.S. prosecutors told a federal judge.

Firms need technology resources and budget allocation if they want to create a social media program for their advisors.

A former JPMorgan Chase banker who managed Bernard Madoff’s account said the con man was on track to receive a $200 million loan less than a month before his arrest if the request hadn’t been dropped.

Janet Yellen, vice chair of the Federal Reserve Board and President Obama's pick to run the central bank, will appear before the Senate Banking Committee on Nov. 14.

State securities regulators have been ramping up examinations of investment advisors in the aftermath of the Dodd-Frank Act, which required more than 2,000 midsized advisors who had been overseen by the feds to register with state authorities.

Currencies and commodities were added to a list of financial products and related activities that are subject to investigation, according to a regulatory filing published by the New York-based company today.

The firm settled legal disputes with federal regulators tied to mortgage-backed securities for about $335 million.

As the standard-setting body for CFP professionals, the CFP Board has a critical role in shaping the financial planning profession. Along with the FPA, it has laid the foundation for the past 25 years for the recognition of financial planning and it has worked admirably in enforcing the standards for CFP professionals. …

Wells Fargo is among firms facing federal scrutiny of mortgage-bond sales under a 1989 law the government is using to extend probes of banks’ roles in the credit crisis, two people with knowledge of the matter said.

The firms will be studied by U.S. regulators who are in the early stages of reviewing whether asset managers pose a potential risk to the financial system, two people with knowledge of the matter said.

Regions Financial, Alabama’s biggest bank, received a subpoena from the U.S. Department of Housing and Urban Development tied to the origination of mortgages backed by the Federal Housing Administration.

Goldman Sachs Group, JPMorgan Chase and Bank of America are among Wall Street firms still catering to SAC Capital Advisors after the hedge fund agreed to plead guilty to insider trading charges.

The sixth-largest U.S. bank by assets said it may be sued by American International Group over mortgage-backed securities that the insurer purchased before the financial crisis.

Some advisors worry that the new rules could inspire an irrational enthusiasm.

Eight leading managers of money-market mutual funds urged the SEC to alter the way it defines retail funds in proposed new rules for the industry.