More time for compliance with the Department of Labor’s (DOL) fiduciary rule, and other changes to minimize impact, could benefit credit union members, CUNA wrote to a House subcommittee Thursday. In a letter to leaders of the House Education and Workforce subcommittee on health, employment, labor and pensions, CUNA President/CEO Jim Nussle outlined credit union concerns with the DOL’s rule.
“CUNA urged the DOL to delay the applicability of the Fiduciary rule and it has also supported additional efforts to conduct additional research to ensure that credit union members are not harmed by unintended consequences of overly broad rules,” the letter reads. “Additional analysis about whether choices may be limited for consumers, is beneficial for all consumers including credit union members.”
Nussle also highlighted CUNA’s support for the Protecting American Families’ Retirement Advice Act, which would delay the fiduciary rule for 2 additional years after the June 9 effective date.
The letter was sent to subcommittee leadership to be entered in the record of its hearing on regulatory barriers facing workers and families saving for retirement.
A copy of the letter, and additional information, can be found on CUNA’s Removing Barriers Blog.