Removing Barriers Blog

CUNA Sends Letter to Subcommittee Prior to Hearing on DOL Fiduciary Rule
Posted July 13, 2017 by CUNA Advocacy

Today, the House Financial Services Subcommittee on Capital Markets, Securities and Investments is holding a hearing entitled, “Impact of the DOL Fiduciary Rule on the Capital Markets.”   

Prior to today’s hearing, CUNA sent a letter to Chairman Huizenga and Ranking Member Maloney to inform the Committee of CUNA’s position on the Department of Labor (DOL) Fiduciary Rule.  While CUNA supports the underlying intent of the fiduciary rule to protect investors, CUNA has sought clarity about the overly broad definition of investment advice in addition to other concerns with the DOL’s rule, which was finalized in April 2016. CUNA appreciates that the DOL has provided some clarifications in its final rule. However, more time for compliance and other changes to minimize the impact on low-to-moderate income investors could benefit credit union members. 

America’s credit unions appreciate that the Committee is further examining the fiduciary rule and urges the Committee to further consider how the rule’s unintended consequences impact credit unions and the members they serve.