Removing Barriers Blog

DOL Court Filing Indicates it is Seeking an 18-Month Delay for Fiduciary Rule
Posted August 10, 2017 by Chandler Schuette

The Department of Labor (DOL) in a brief filed Wednesday indicated that it is proposing an 18-month delay for its Fiduciary rule. The DOL has sought comment on several aspects of the rule over the past several months. CUNA has sent several comment letters urging the DOL to delay the applicability of the Fiduciary rule to give credit unions time to resolve any additional compliance ambiguities. CUNA has also supported additional research efforts 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 moderate or low-income consumers.

In the brief, the DOL indicated that it submitted to the Office of Management and Budget (OMB) a proposal to delay implementing the remaining parts of the fiduciary rule for 18 months. Pending approval from the OMB, this would push the out the effective date to July 1, 2019.

CUNA is pleased that the DOL appears to have considered their request for a delay to allow time for the credit union industry to understand any changes that are made to the rule and allow additional time to understand any compliance and applicability complexities associated with the rule.