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DOL Delays Official Fiduciary Rule
Wednesday, November 15, 2017 6:55 AM

The Department of Labor has officially indicated that the Department of Labor Fiduciary rule will be delayed for 18 months. This means the applicability date will now be July 2019. 

CUNA urged the DOL to implement this delay, and Cornerstone was in full support. In its letter to DOL, CUNA noted that many in the credit union industry and financial services industry were relying on at least a 180-day delay for compliance. We urged the DOL to institute a 180-day delay to allow time for the credit union industry to understand any changes that are made to the rule, and allow additional time to understand any compliance and applicability complexities associated with the rule.  

CUNA and Cornerstone have expressed support for the goal of the Fiduciary rule to protect investors and encourage all advisors to act in the investor’s best interest. However, the letter highlights that because of the complexity of this rule and the uncertainty about compliance deadlines and applicability, a delay and additional analysis of the fiduciary rule would benefit credit union members. 

We appreciate that the DOL considered our concerns and is giving credit unions more time to understand some of many compliance complexities associated with this rule.