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Labor Secretary Perez Pledges Changes to Fiduciary Rule
Wednesday, October 21, 2015 6:40 AM

The U.S. Department of Labor (DOL) will give “full consideration” to comments on the agency’s proposed fiduciary rule, Secretary of Labor Tom Perez said last week. Speaking at the Brookings Institution’s public meeting, Perez said the DOL has received a total of 391,621 comments and petitions on the rule and its exemptions.

The DOL’s proposal would expand the definition of investment advice to sweep in additional persons who will have to comply as “fiduciaries.”

Credit Union National Association has written to the DOL and Congress multiple times expressing concerns with the proposal. As currently proposed, the rule would disrupt the availability of affordable financial education and investment advice while also restricting product choice and retirement security, CUNA has said.

CUNA wrote to the DOL once during the initial comment period, and a second time after a four-day public hearing on the proposal to echo similar concerns. In addition, CUNA asked Congress to consider the impact of the rule, and the House Ways and Means Committee conducted a hearing Sept. 30 on the proposal. Prior to that hearing, CUNA wrote to committee members warning of the rule’s numerous pitfalls.

Earlier this month, 105 legislators wrote a letter calling for substantial changes to the proposal.