The Department of Labor (DOL) published its 60-day delay of its fiduciary rule in the Federal Register Friday, extending the effective date to June 9. The rule expands the definition of who is a “fiduciary” of an employee benefit plan, adding brokers and advisers providing advice to individual retirement accounts.
While CUNA supports the goal of protecting investors, it has concerns about the possible impact on credit union members’ ability to receive services to invest and save. CUNA requested the bureau delay the rule’s implementation for 180 days.
In addition to extending the applicability date to June 9, the final rule outlines the following:
- From June 9 to Jan. 1, 2018, anyone wishing to use the best interest contract exemption (BICE), the class exemption for principal transactions or prohibited transaction exemption 84-24, only must comply with the impartial conduct standards;
- Compliance with all other conditions of these exemptions, including written disclosures and representations, are waived until Jan. 1, 2018; and
- The DOL will complete the study mandated by the President Donald Trump’s executive order by Jan. 1, 2018.
More information can be found on CUNA’s Removing Barriers Blog.
in Legislative & Political News