News

New Labor Dept. Fiduciary Rule Would Open Door For Conflicted Advice And High Commissions

Posted on July 31, 2020

Ring the bell for the latest round of consumer financial protections. Progress for consumer financial protections might not be over, but they are clearly knocked down heading into the second half of 2020. In the last week:

– The Labor Department announced a new rule proposal that would weaken the fiduciary standard of care for retirement accounts

– The Securities and Exchange Commission’s Reg BI went into effect on June 30

– The Consumer Financial Protection Bureau suffered a major setback in the Supreme Court

– And an outstanding lawsuit to stop Reg BI concluded in favor of the SEC.

Full Article on Forbes