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Congress to Consider Impact of DOL Fiduciary Plan
Monday, September 28, 2015 6:40 AM

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, and previously in letters expressing concerns over regulatory burdens.

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.

The hearing will be conducted by the House Ways and Means subcommittee on oversight. It is scheduled for Sept. 30, at 9 a.m. (CT).