Roundtable Roundup is FSR’s public-facing newsletter featuring the latest insights on financial services issues on Capitol Hill, action in the Dodd Frank regulatory space and updates on FSR events.
Treasury Sec. Lew Headlines FSR Executive Conference
Lew Commends Save 10 Initiative
U.S. Treasury Secretary Jack Lew praised retirement savings efforts, including FSR’s Save 10 initiative, during a conversation at the Financial Services Roundtable’s fall executive conference with FSR CEO Tim Pawlenty last week.
Save 10 is an effort to encourage more retirement savings via employers, including by advocating for proven mechanisms to increase savings such as auto enrollment. The Treasury has its own initiative on retirement savings, myRA, which Lew also discussed as another effort to increase retirement savings.
Lew also highlighted the need for swift action to address the nation’s looming debt ceiling, and urged Congress to move forward.
“There is a deep desire for things just to operate in a normal business-like way in terms of public finance in the United States,” Lew told Pawlenty in front of an audience of nearly 60 CEOs from the nation’s largest financial institutions. “Congress knows how to solve this problem.”
New FSR-Supported Study Finds Cybersecurity is Rising Rapidly as a Boardroom-Level Issue
Financial Services Sector is Leading in Cyber Preparedness
At least 63 percent of companies now consider cybersecurity a boardroom-level issue, a significant increase of 30 percent since 2012, according to a new study FSR released on Friday performed by researchers at Georgia Tech.
The release of the study was coupled with a livecast panel discussion at FSR’s executive fall conference, featuring Global Cyber Risk CEO Jody Westby, Kim Peretti of Alston & Bird and Lloyd Campbell of Spencer Stuart.
The study also found that the financial services industry is one of the leading industries in cybersecurity improvements and focus. The industry’s focus on cyber increased by 35 percent, and the percentage of financial sector boards considering cyber risks when reviewing supplier relationships jumped to 64 percent from 38 percent in 2012.
The financial services industry is also the only industry to employ 100 percent Chief Risk Officers, who are a key part of any corporation’s cyber risk strategy.
“Cybersecurity threats are a major, executive-level issue and companies are taking significant steps to better protect their customers and their businesses,” said FSR President & CEO Tim Pawlenty.
The study, which polled respondents at the board or senior level from Forbes Global 2000 companies, was cosponsored by FSR, Palo Alto Networks and Forbes. The study was a follow up to three prior surveys from 2008, 2010 and 2012.
FSR Launches $10K ‘Save 10’ Nationwide Video Contest
Win by Submitting a Video Showing Creative Ways to Save for Retirement
The Financial Services Roundtable’s Save 10 initiative is launching a ‘Save 10’ video contest to spread the message, creatively, about “Who, When, Why or How” everyone should save at least 10 percent of their income for retirement.
The contest, Save 10 Stories, includes a grand prize of $10,000 and nine first place $1,000 prizes. Contest winners will pledge to save 10 percent of their winnings for retirement savings.
The “Save 10 Stories” contest will educate Americans on the importance of saving 10 percent of their income for retirement and urge more employers to offer their employees opportunities to save 10 percent of their income through workplace retirement plans.
The video contest officially opens on October 10 (10/10) and videos may be submitted for 10 weeks until December 19, 2015. Videos should be 60 seconds or less and must meet the basic criteria outlined in the Official Rules. The grand prize will be announced in February 2016.
Enter the contest and learn more at www.Save10.org
NO PURCHASE NECESSARY TO ENTER OR WIN. A PURCHASE DOES NOT INCREASE YOUR CHANCE OF WINNING. See complete Official Rules for how to enter and restrictions. The Save 10 Stories Contest is open to legal residents of the 50 United States, Puerto Rico and the District of Columbia who are at least 13 years of age or have reached the age of capacity to enter into contracts under the laws of their state. Contest begins at 12:00:00 AM Eastern Daylight Time (“EST”) on October 10, 2015 and ends at 11:59:59 PM Eastern Savings Time (“EDT”) on December 19, 2015. Void outside the 50 United States, Puerto Rico and District of Columbia, and void where otherwise prohibited. To enter and view complete Official Rules, visit www.Save10.org. Sponsored by Financial Services Roundtable, 600 13th Street, NW, Suite 400, Washington, D.C. 20005.
FSR Backs Rep. Wagner’s Retail Investor Protection Act to Pause Harmful DoL Rule
Wagner bill ensures the SEC remains lead regulator of investment products as Dodd Frank Act mandated
FSR sent a letter to Capitol Hill last week voicing its support for Rep. Ann Wagner’s (R-MO) Retail Investor Protection Act, which would ensure that the Department of Labor does not overstep its legal bounds as it moves to finalize its proposed fiduciary rule, which will severely restrict Americans’ access to financial advice.
Instead, Wagner’s bill, H.R. 1090, would mandate that laws governing the sale of retail investment products start with the Securities and Exchange Commission (SEC), the industry’s primary regulator, which Congress clearly laid out in the Dodd Frank Act.
“As you know, the Department of Labor is currently proposing new regulations to address further how individual investors receive advice from financial professionals. While our members support many of the DoL’s general goals in that regard, they believe the DoL’s approach is overly complicated and will limit choices for modest income consumers,” FSR wrote in a letter sent to Wagner.
FSR continues to stand ready and willing to work with Congress, as well as officials at the SEC and DoL, to finalize a clear set of harmonized rules that allow consumers to make the most educated investment choices.
Learn more about FSR’s concern with the Department of Labor’s fiduciary rule here: www.protectourfinancialfuture.com