President Barack Obama signed the Dodd-Frank Act five years ago. Regulators continue to implement the law, and its effects are constantly debated. "Today, the economy is doing well," said former Sen. Christopher Dodd, one of the architects of the law. "Leverage is better. Transparency in the derivatives market is much better." However, market participants have expressed concern about unintended consequences and other issues, as well as cumulative effects of Dodd-Frank and other regulations.
Frustration with a reactive approach to cybercrime has led some companies to consider more aggressive tactics that include hacking back. Some of the tactics are illegal.
The Securities and Exchange Commission is close to finalizing a requirement that companies disclose their CEO's compensation compared with median worker pay, sources say. Companies have sought exclusions, but the SEC reportedly has resisted. The rule would not offer meaningful information about the financial health of a company, critics say, and compliance would be expensive.
Automated advice services, often called robo-advisers, can save clients on fees but have limitations, said former Securities and Exchange Commission member Steve Wallman, CEO of an online brokerage for do-it-yourself investors. "Automated digital financial advice results in lower cost," he said. "But you also wind up with whole groups of people being invested in the same thing."
Members of the House Financial Services Committee are asking fellow lawmakers to sign a letter urging Labor Secretary Thomas Perez to abandon the proposed fiduciary rule and start over. The letter warns the proposal could restrict the availability of financial advice to the middle class.
The negative link between student debt and home purchases is weak, researchers from Dartmouth College and the University of Wisconsin have found. "Thus, it seems unlikely that student loan debt is causing a generation of young adults to flee from the housing market," they wrote.
LPL Financial plans to test a "robo-adviser" product that uses a third-party partner and allows for the elimination of certain fees, said LPL President Dan Arnold. "We want to deliver a robo solution as a complement to your practice," he told advisers at a company conference.
Citi Private Bank recently held an event that taught young adults from wealthy families how to invest in art, part of an effort to retain their business when family wealth is passed to them. Wealth managers often lose assets through generational transfers. "You don't have the birthright to the next generation's wealth," said Money Kanagasabapathy at Citi Private Bank.
A survey by Manta finds that more than 28% of small-business owners don't know about a requirement for using chip cards by Oct. 1 or what it means for their businesses.
Bank of America CFO Bruce Thompson's departure and a shakeup of other executives has raised questions about the bank's strategy and who would succeed CEO Brian Moynihan. "My guess is that whoever succeeds me is in their 40s today, not someone in their 50s," Moynihan said.