Regulation

WASHINGTON — Rep. Maxine Waters, D-Calif., the top Democrat on the House Financial Services Committee, introduced legislation Friday to give the Securities and Exchange Commission the authority to impose and collect user fees from investment advisors.

The Consumer Financial Protection Bureau, created under the 2010 Dodd-Frank Act, reports that there are more than fifty different "senior designations" that financial advisors are using to bring in older consumers into the business.

Legislative efforts to strengthen the nation's cyber defenses are shifting to the U.S. Senate after passage of a controversial bill by the House of Representatives.

Mutuals are evaluating proposed legislation that would create a new type of preferred stock and create a federal charter that allows for more commercial lending.

Freshman Rep. Keith Rothfus has been appointed to the House Financial Services Committee.

Spending several million dollars to beef up risk management processes would be an easy decision if it saved hundreds of millions in deposit assessments each year. Also, Camels should become Carmels.

The cost of being big is multiplying, and that's driving a wedge between the largest banks and the next tier.

The Senate Banking Committee testimony Thursday from Ed DeMarco, acting director of the Federal Housing Finance Agency, who said that the agency's ongoing efforts will be incomplete until Congress lays out a plan to bring the private sector back to the market.

California lawmakers have defeated a proposal aimed at reducing the size of the state's payday lending industry. A state Senate committee rejected the measure by a 5-3 vote Wednesday even after its author agreed to changes designed to soften the bill's impact.

Financial advisors are using too many different senior certifications to lure older consumers into business, according to a report by the Consumer Financial Protection Bureau.