FOR IMMEDIATE RELEASE
Contact: Vicki Christner – CUNA Communications; 202-329-9950; firstname.lastname@example.org
Washington, D.C. (February 3, 2017) – President Donald Trump issued an executive order today directing the U.S. Department of Labor to stop its fiduciary rule implementation and review the regulation in its entirety. Credit Union National Association (CUNA) supports the goal of the rule to protect investors, but has concerns that regulatory burdens and complexity associated with this rule could make it more difficult for consumers of all means to receive support planning for their financial future from credit union service organizations and some credit unions.
“CUNA welcomes the administration’s announced delay of the Department of Labor’s fiduciary rule,” said Ryan Donovan, CUNA chief advocacy officer. “While CUNA appreciates that DOL provided some of our requested clarifications in their final rule, we remain concerned that all members should have the ability to receive help saving and planning for the future, without unnecessary regulatory barriers. We believe a delayed implementation would benefit credit union members as it would allow DOL to consider more closely the potential unnecessary adverse impacts of the rule.”
The DOL’s rule, finalized in April 2016, defines who is a “fiduciary” of an employee benefit plan, adding brokers and advisers providing advice to individual retirement accounts.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by more than 100 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.