The Office of Management and Budget (OMB) this week approved the Department of Labor’s request to delay the effective date by 18 months, to July 1, 2019. CUNA sent several comment letters during the rulemaking process pushing for the delay, to give credit unions extra time to resolve any additional compliance challenges.
The rule defines who is a fiduciary of an employee benefit plan.
In addition to the delay, CUNA supports additional research efforts to ensure credit union members are not harmed by the unintended consequences of overly broad rules, and additional analysis into whether the rule may limit choices for moderate or low-income consumers.
The DOL is expected to have a short comment period before finalizing the delay.