WASHINGTON (10/20/15)--The U.S. Department of Labor (DOL) will give “full consideration” to comments on the agency’s proposed fiduciary rule, Secretary of Labor Tom Perez said last week.
Speaking at the Brookings Institution’s public meeting, Perez said the DOL has received a total of 391,621 comments and petitions on the rule and its exemptions.
“There have been many constructive suggestions for improvements. Among many other things, we've heard concerns about potential burdens associated with the point-of-sale disclosure, data retention and the mechanics of implementing the best interest standard,” Perez said. “I can't say right now exactly what the outcome will look like on these issues or any other comments and suggestions we have received. But I am confident that we will be making changes to improve and clarify our proposal, addressing legitimate concerns that have been brought to our attention.”
The DOL’s proposal would expand the definition of investment advice to sweep in additional persons who will have to comply as “fiduciaries.”
CUNA has written to the DOL and Congress multiple times expressing concerns with the proposal. As currently proposed, the rule would disrupt the availability of affordable financial education and investment advice while also restricting product choice and retirement security, CUNA has said.
In addition, CUNA asked Congress to consider the impact of the rule, and the House Ways and Means Committee conducted a hearing Sept. 30 on the proposal. Prior to that hearing, CUNA wrote to committee members warning of the rule’s numerous pitfalls.
Earlier this month, 105 legislators wrote a letter calling for “substantial changes” to the proposal.