Removing Barriers Blog

OMB Approves DOLs Proposal to Delay Fiduciary Rule by 18 Months
Posted August 30, 2017 by Chandler Schuette

Yesterday, the Office of Management and Budget (OMB) approved the DOL’s proposal for pushing the Fiduciary Rule’s effective date by 18 months, from January 1, 2018 to July 1, 2019.  

Earlier in August, the DOL filed a brief indicating that it was proposing an 18-month delay to its Fiduciary Rule.  In the brief, the DOL indicated that it submitted to the OMB a proposal to delay implementing the remaining parts of the fiduciary rule for 18 months.  Now that the OMB has approved the proposal, the DOL is expected to have a short comment period before finalizing the delay.   

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. 

CUNA is pleased with the news of the delay which will 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.