Senator Elizabeth Warren urged President Obama to "immediately designate another SEC Commissioner as Chair of the agency."
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Senate Banking Committee members questioned the CEO of Wells Fargo, and examined the regulatory response to the bank's opening of unauthorized accounts.
The House Financial Services Committee launched an investigation into the alleged opening of unauthorized accounts by a major financial institution. The Committee will review the roles of the CFPB and the OCC in overseeing this conduct.
President Obama vetoed a Congressional resolution of disapproval to prevent the Department of Labor's implementation of the final rule relating to the "Definition of the Term 'Fiduciary'; Conflict of Interest Rule – Retirement Investment Advice."
SIFMA and numerous financial associations filed a complaint against the Department of Labor with the U.S. District Court for the Northern District of Texas. The complaint would strike down an "overreaching" DOL fiduciary rule.