DOL Fiduciary Rule RFI

A delay for implementation of the Department of Labor's (DOL) fiduciary rule was published in the Federal Register this week for 60 days from April 10 to June 9, 2017. The final rule, entitled Definition of the Term “Fiduciary;” Conflict of Interest Rule - Retirement Investment Advice, was published in the Federal Register on April 8, 2016, became effective on June 7, 2016, and has an applicability date of April 10, 2017.The President by Memorandum to the Secretary of Labor, dated February 3, 2017, directed the Department of Labor to examine whether the final fiduciary rule may adversely affect the ability of Americans to gain access to retirement information and financial advice, and to prepare an updated economic and legal analysis concerning the likely impact of the final rule as part of that examination. The DOL invites comments on the proposed 60-day delay of the applicability date, on the questions raised in the Presidential Memorandum, and generally on questions of law and policy concerning the final rule. The proposed 60-day delay would be effective on the date of publication of a final rule in the Federal Register. 

What does this petition do?

It proposes to delay implementation of the fiduciary rule. This will allow credit unions additional time for any compliance questions or challenges with the rule.

It also separately seeks additional feedback on the final rule. By Memorandum dated February 3, 2017, the President directed the Department to conduct an examination of the final rule to determine whether the rule may adversely affect the ability of Americans to gain access to retirement information and financial advice. As part of this examination, the Department was directed to prepare an updated economic and legal analysis concerning the likely impact of the final rule, which shall consider, among other things:

The DOL is seeking feedback on the following:

  • Why do you support a delay to the proposed rule?
  • Whether the anticipated applicability of the final rule has harmed or is likely to harm investors due to a reduction of Americans' access to certain retirement savings offerings, retirement product structures, retirement savings information, or related financial advice; 
  • Whether the anticipated applicability of the final rule has resulted in dislocations or disruptions within the retirement services industry that may adversely affect investors or retirees; and 
  • Whether the final rule is likely to cause an increase in litigation, and an increase in the prices that investors and retirees must pay to gain access to retirement services.
CUNA Detailed Summary Read summary here
Comment to CUNA Staff Provide feedback here
Agency/Entity Other
Agency Comment Deadline 07/21/2017
Important Date(s)

Due to CUNA July 20, 2017

Docket/Identifying #

RIN 1210-AB82

Staff Comments

https://www.gpo.gov/fdsys/pkg/FR-2017-07-06/pdf/2017-14101.pdf

CUNA Contact

Leah Dempsey