Removing Barriers Blog

Members of Congress Send DOL Letter Concerning Fiduciary Rule

In a letter to the Department of Labor this week, 124 Members of Congress expressed concern about the Fiduciary rules’ impact on the ability of consumers to access retirement information. The letter expressed that “we need to make it easier for working families – particularly low- and middle-income families to save for their retirement years.” But, noted the rule could detrimentally impact this demographic of consumers.

The letter noted that the Members of Congress appreciated the 60-day delay of the rule, but urged that the rule be reversed entirely. It stated that the group strongly agrees with thepresident’s memorandum, which requires more analysis of the unintended consequences of the rule before moving forward with it.

The letter ends by stating that no major aspects of the rule should apply until after the President reviews and updates the economic analysis of the rule.

CUNA sent a comment letter urging the Department of Labor to delay the applicability of the Fiduciary rule for at least 180 days. It also stated that additional efforts and research 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.

CUNA has expressed support for the goal of the Fiduciary rule to protect investors and encourage all advisors to act in the investor’s best interest. However, has noted that because of the complexity of this rule and the uncertainty about compliance deadlines and applicability, a delay and additional analysis of the fiduciary rule would benefit credit union members.