WASHINGTON (4/12/16)--The Protecting Workplace Advancement and Opportunity Act (S. 2707/H.R. 4773)--introduced in both chambers of Congress--has the full support of CUNA. The legislation would require the Department of Labor to fully analyze the impact of its proposal to increase the threshold of overtime pay eligibility.
WASHINGTON (4/11/16)--CUNA's further analysis of the U.S. Department of Labor’s final fiduciary rule revealed CUNA’s concerns have been addressed regarding the definitions of "fiduciary," "education" and "advice."
WASHINGTON (4/7/16)--CUNA's early examination of the final fiduciary rule released Wednesday by the U.S. Department of Labor indicates that some credit union concerns raised by the association were addressed in the final rule. However, CUNA continues its analysis of the complex rule, and will release more information going forward.
WASHINGTON (4/6/16 UPDATED 4:45 p.m. ET)--CUNA's early analysis of the final fiduciary rule released this morning by the U.S. Department of Labor indicates that some credit union concerns raised by the association were addressed in the final rule. However, CUNA continues its analysis of the complex rule, and will release more information going forward.
WASHINGTON (4/6/16 UPDATED noon ET)--The U.S. Department of Labor unveiled its final, and controversial, fiduciary rule this morning. CUNA is analyzing the rule and will be informing credit unions of the details.
WASHINGTON (4/4/16)--CUNA is informing credit unions that the U.S. Department of Labor is expected to finalize its fiduciary rule Wednesday morning, per a number of reports. Labor Secretary Thomas Perez plans to roll out the rule at 11:30 a.m. (ET) Wednesday, according to reports.
WASHINGTON (3/21/16)--A group of legislators have introduced a bill in the Senate and the House that would prevent the U.S. Department of Labor from finalizing its proposal on overtime pay, a proposal CUNA has significant concerns with. In its comment letter filed last September, CUNA said the proposal is “too extreme and will ultimately not achieve a better situation for many employees.”
WASHINGTON (3/15/16)--The heads of two agencies with rules that impact credit unions directly will be testifying on Capitol Hill this week. Consumer Financial Protection Bureau Director Richard Cordray and U.S. Department of Labor Secretary Thomas Perez will appear before the House Financial Services Committee and the House Committee on Education and the Workforce, respectively.
WASHINGTON (3/2/16)--The U.S. Department of Labor’s “fiduciary” rule threatens to harm low- and middle-class retirement savers by increasing the cost of advice, according to a report from a Senate committee. The Senate Committee on Homeland Security and Government Affairs report, titled “The Labor Department’s Fiduciary Rule: How a Flawed Process Could Hurt Retirement Savers,” raises many concerns shared by CUNA regarding the rule.