Trust Updates Archive

financial reform 401k fees trust company custody safekeeping A.M. Publishing Financial Reform -- Fiduciary Impact

(May 24, 2010 --Chicago, IL) -- Following the Senate’s passage of the Wall Street Reform Bill last Thursday, Congress seems poised to pass financial reform legislation before the November election. However, because of significant differences between the House and Senate bills, the final form of the legislation is still far from certain.

While both House and Senate bills are intended to prevent a repeat of the 2008 financial mortgage crisis, both versions contain a number of provisions that impact fiduciaries, notably subjecting custody and safekeeping activities to new consumer protection laws.

The American Bankers Association, in a telephone briefing this Wednesday, May 26, will be reviewing many of those changes. (Click Here
 for more information.)

In addition to financial reform legislation, the House this week is expected to vote on the American Jobs and Closing Tax Loopholes Act (H.R. 4213), which contains provisions requiring increased disclosure of retirement plan fees. (See TRN for more on this topic.)

No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.

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