DOL Fiduciary Rule


The DOL finalized a rule defining who is a “fiduciary” of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA), which included adding brokers and advisers providing advice to individual retirement accounts (IRAs). CUNA raised concerns with the DOL about the overly broad definition in the proposed rule about what is considered investment advice, and took issue with the proposed “education carve out” for the rule which we did not believe went far enough.   

Where We Stand

CUNA supports the underlying intent of the fiduciary rule to protect investors, however CUNA has sought clarity about compliance complexities associated with the rule.  CUNA also urged additional efforts and research are done to ensure that credit union members are not harmed by unintended consequences of overly broad rules, and additional analysis about whether choices may be limited for consumers, is beneficial for all consumers. 

The rule has been delayed by 18 months - to be effective on July 1, 2019. 


What We've Told Lawmakers & Regulators
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