According to a story on Thomson Reuters, the CFPB is exploring whether or not it can or should regulate retirement savings accounts.
If the CFPB attempts to regulate retirement account transactions, it should expect a battle from both Republican lawmakers who have pressured the Bureau to scale back on its powers and the retirement savings industry, which is already subject to oversight from both the U.S. Department of Labor and the SEC.
CFPB Director Robert Cordray has stated that the CFPB is exploring its authority over retirement savings. In particular, the CFPB is looking at certifications obtained by financial planners and advisers who work with retiring individuals. The CFPB is apparently concerned about the "rollover moment," when workers leave a job or retire and move 401(k) funds from an employee-based account of their former employer.
What are your thoughts on whether the CFPB should regulate retirement savings?
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