Last week, House lawmakers passed a bill that threw consumers under the bus. The Financial Choice Act would gut the Dodd-Frank financial reform legislation of 2010 by giving the president the power to fire the heads of the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, at any time for any -- or no -- reason. It would also provide Congress with sweeping power over the CFPB's budget, which means that lawmakers could defund the agency entirely. That’s a shame, because in the six years since the CFPB was established, it has provided nearly $12 billion in relief for more than 29 million consumers. The CFPB was created out of Dodd Frank in order to create a single point of accountability for enforcing federal consumer financial laws and protecting consumers in the financial marketplace. The agency’s main goals are to:

BlogMark TalercioJune 12, 2017CFA, CFP, CFPB, Consumer Financial Protection Bureau, CPS-PFS, DOL Fiduciary, Fiduciary, FPA, NAPFA

Comey Steals Spotlight from Reg Reform

While most Americans were glued to former FBI Director James Comey’s testimonybefore Congress last week, two financial regulatory measures dropped below the radar. House lawmakers passed a bill that would gut the Dodd-Frank financial reform legislation of 2010. If passed under its current form, the Financial Choice Act would give the president the power to fire the heads of the Consumer Financial Protection Bureau and the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, at any time for any -- or no -- reason. It would also give Congress power over the CFPB's budget, which means that lawmakers could defund the agency entirely. That’s a shame, because in the near six years since the CFPB was established, it has provided over $12 billion in relief for millions of consumers.

Fiduciary Fallout: Ten Questions to Ask a Financial Pro

Now that the Trump Administration has declared its intention to delay and potentially roll-back the Department of Labor’s fiduciary rule, which would force financial professionals and their firms’ overseeing the nearly $3 trillion in retirement savings, to work in their clients’ best interest, it may be a good time to review your relationship with your current advisor, stock broker or insurance salesperson. Here is an updated list of my “Ten Questions to Ask a Financial Pro”:

DOL Fiduciary on Life Support

The Department of Labor's fiduciary rule faces two hurdles: a lawsuit and now, the Trump Administration's efforts to delay or perhaps kill it off. On Friday, President Trump signed an order directing the Treasury secretary to review the 2010 Dodd-Frank financial regulatory law. You remember Dodd-Frank, the big legislation meant to reign in the excesses of Wall Street after the financial crisis, right?

BlogMark TalercioFebruary 4, 2017DOL, DOL Fiduciary, Employment, Fiduciary, Fiduciary vs suitability, Jobs, Labor Market, Unemployment

Fiduciary Under Fire

Shame Definition, according to Merriam-Webster:

a : a painful emotion caused by consciousness of guilt, shortcoming, or impropriety b : the susceptibility to such emotion <have you no shame?>
2: a condition of humiliating disgrace or disrepute : ignominy <the shame of being arrested>
3a : something that brings censure or reproach; also : something to be regretted : pity <it's a shame you can't go>b : a cause of feeling shame