ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Newsbytes

ABA Offers Resource on DOL Fiduciary Rule, IRA Deposit Programs

August 26, 2016
Reading Time: 1 min read

As banks continue to grapple with the effects of the Department of Labor’s fiduciary rule on the marketing and sales of deposit IRAs, the American Bankers Association is making available to its members a briefing paper by the law firm of Morgan, Lewis & Bockius, LLP. The paper describes and analyzes bank IRA programs in light of the changes finalized in the fiduciary rule, and is intended to assist banks as they navigate the new considerations the rule raises for IRA deposit programs.

The briefing paper points out that a statutory exemption — Section 4975(d)(4) of the Internal Revenue Code — permits a bank to advise its customers on IRA investments and on IRA rollovers without implicating the fiduciary rule’s applicability or requirements, so long as the IRA is designed to invest exclusively in the bank’s deposits. As a result, the briefing paper concludes that a bank may rely on this statutory exemption to conduct its IRA CD program (or other program where the IRA is designed to invest exclusively in the bank’s deposits), rather than having to rely on the DOL’s new regulatory exemption, the “best interest contract exemption.”

Morgan Lewis will be holding a call on Wednesday, Sept. 7, at 2:00 p.m. ET to discuss the briefing paper and to respond to any member bank questions or comments. For more information, contact ABA’s Tim Keehan.

ADVERTISEMENT
Tags: ERISAFiduciary ruleRetirement issues
ShareTweetPin

Related Posts

OCC sees need for regulatory reform in bank merger process

Business First to buy Progressive Bancorp in Louisiana

Community Banking
July 8, 2025

Business First Bancshares in Baton Rouge, Louisiana, has agreed to buy Progressive Bancorp in Monroe.

New York Fed: Consumer inflation expectations mostly hold steady

New York Fed: Inflation expectations largely unchanged

Economy
July 8, 2025

Consumer inflation expectations in June ticked down at the short-term horizon but remained flat at the medium- and longer-term horizons, according to the most recent Survey of Consumer Expectations.

ABA, groups urge FHA to improve loss mitigation options for borrowers

FFIEC publishes 2024 data on mortgage lending

Community Banking
July 8, 2025

The Federal Financial Institutions Examination Council recently published data on 2024 mortgage lending transactions reported under the Home Mortgage Disclosure Act by 4,908 U.S. financial institutions

CPFB report claims health savings accounts have ‘hidden costs’

New HSA expansion included in federal budget bill

Human Resources
July 8, 2025

President Trump last week signed a budget bill that included the largest expansions to Health Savings Accounts since they were created in 2003.

Poll: Small business owners optimistic about the future

NFIB Small Business Optimism Index edged down in June

Economy
July 8, 2025

The Small Business Optimism Index declined by 0.2 of a point in June to 98.6, slightly above the 51-year average of 98. Of the 10 Optimism Index components, four increased, four decreased, and two remained unchanged.

Survey: High interest rates make bank customers want to spend less

Survey: High interest rates make bank customers want to spend less

Newsbytes
July 7, 2025

Forty percent of people said that "unfamiliarity" is the main factor keeping them from trying a small bank. Nearly 60% said that a higher interest rate is the most important factor when considering switching bank accounts. 

NEWSBYTES

Business First to buy Progressive Bancorp in Louisiana

July 8, 2025

New York Fed: Inflation expectations largely unchanged

July 8, 2025

FFIEC publishes 2024 data on mortgage lending

July 8, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025

PODCASTS

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025

Podcast: Staying close to clients amid tariff-driven volatility

June 18, 2025

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.