CUNA on Thursday forwarded a letter to members of the House subcommittee on capital markets, securities, and investments supporting more analysis of the Department of Labor (DOL) fiduciary rule.
During a hearing held Wednesday, CUNA urged DOL to delay the application of the fiduciary rule. CUNA has supported efforts to conduct additional research to ensure that credit union member are not harmed by unintended consequences of overly broad rules.
“We urge the committee to examine unintended consequences of the rule in today’s hearing,” wrote CUNA/President CEO Jim Nussle. He added that CUNA appreciates further examination of the rule when considering Rep. Ann Wagner's (R-Mo.) legislation to amend the Securities Exchange Act of 1934 to establish standards of conduct for brokers and dealers that are in the best interest of their retail customers.
“As credit union service organizations and credit unions continue to navigate this rule, particularly the complexity surrounding whether it applies when offering certain investments products in individual retirement accounts, we appreciate further consideration about how it could impact credit union members,” Nussle wrote.
The letter was addressed to Rep. Bill Huizenga (R-Mich.), chairman of the subcommittee on capital markets, securities and investments, and Rep. Carolyn Maloney (D-N.Y.), ranking member of the committee.