More On Legal & Compliancefrom The Advisor's Professional Library
- Scope of the Fiduciary Duty Owed by Investment Advisors A fiduciary obligation goes beyond the suitability standard typically owed by registered representatives of broker-dealer firms to clients. The relationship is built on the premise that the advisor will always do the right thing for the person or entity receiving advice.
- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
In a late-night session and after extensive procedural maneuverings, the Senate last night on Thursday, July 22, approved a $30 billion fund that community banks can access to fund more business loans.
The move came as an amendment to a small business lending bill.
It is uncertain what, if any, other amendments Senate leaders will allow to be offered, which means that credit unions may again fall short in their effort to win approval for an increase in the cap on member business loans from 12.25% of assets to 27.5% of assets. Sen. Mark Udall (D-Col.) has sponsored an amendment to permit that increase.
Last night's vote on the amendment was 60-39 along party lines, with the exception of two Republicans who supported the amendment.
In addition to the bank fund, the bill also includes $12 billion in tax incentives and changes to business lending programs.
Claude R. Marx, the writer of this report, is the Washington, D.C., correspondent for Advisor Media Group's sister publication Credit Union Times.