Removing Barriers Blog

Letter Sent Prior to Hearing on the Regulatory Barriers of Retirement Savings
Posted May 18,2017 by CUNA Advocacy

This morning the House Education and Workforce Committee’s Subcommittee on Health, Employment, Labor and Pensions will hold a hearing to discuss regulatory barriers facing workers and families saving for retirement.  Prior to today’s hearing, CUNA sent a letter to the Subcommittee’s Chairman Tim Walberg and Ranking Member Gregorio Sablan.   

While CUNA supports the underlying intent of the Department of Labor’s fiduciary rule to protect investors, it 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. However, there should be more time for compliance and other changes to minimize the impact on low-to-moderate income investors, which could benefit credit union members.    

CUNA appreciates the Committee examining this very important issue at today’s hearing and supports the Protecting American Families’ Retirement Advice Act, which would delay the Department of Labor’s (DOL) fiduciary rule for two additional years after the first implementation date is currently set. 

On behalf of America’s credit unions and their 110 million members, CUNA will continue to urge for a delay and additional research on the final rule to ensure that credit union members are not harmed by unintended consequences of overly broad rules.