By Sonja Kriegsmann, JD, Guest Author The Department of Labor (DOL) has issued its long awaited Fiduciary Rule. The Rule expands who is considered a fiduciary when giving retirement investment advice under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. Although a final rule was issued, the DOL has subsequently published several issuances that impact both when the Rule becomes effective and the content of the Rule itself. Here’s a timeline […]
Category: Deposit Compliance
PREPAID RULE LIVES TO FIGHT ANOTHER DAY
For those banks that fervently prayed the almost 1,700-page Prepaid Account rule would be banished by the Party of Lincoln – sorry but it survived the recent round of regulatory rollbacks. Courtesy of the law firm, Ballard Spahr, and its Consumer Finance Monitor (CFM) webpage and Politico, we have learned that the joint resolutions introduced in the Senate and House in February to kill the upcoming Prepaid Account regulation, died on the vine of apathy. […]
PREPAID RULE TAKES A MUCH NEEDED PAUSE
On October 3, 2016, the CFPB issued its 1,689 page Final Rule on Prepaid Accounts which was to primarily become effective on October 1, 2017. Surprisingly, the CFPB announced in a release last week, on March 9, 2017, that it was proposing to delay the implementation date for the rule until April 1, 2018. The CFPB is giving some love to the Deposit Compliance side of the bank much like it did with TRID on […]