Congress to consider impact of DOL fiduciary plan, as CUNA requested
WASHINGTON (9/24/15)--A U.S. House subcommittee will convene a hearing Sept. 30 on the Department of Labor’s (DOL) proposed fiduciary rule. CUNA wrote to Congress earlier this month requesting an examination of the proposal’s effects on financial institutions.
The proposal would define who is a “fiduciary” of an employee benefit plan, and would expand what is considered investment advice. This would be triggered if credit unions provide services to a third party for 401(k) plans and IRAs.
CUNA wrote to the DOL in July expressing concerns over regulatory burdens that could be created for credit unions by the proposal. CUNA followed up with a letter this week after speakers at a four-day DOL hearing on the proposal echoed those concerns.
The hearing will be conducted by the House Ways and Means subcommittee on oversight. It is scheduled for Sept. 30, at 10 a.m. (ET). A witness list will be released in the coming days.