ABA Urges Longer Delay, Full Review on Fiduciary Rule

The American Bankers Association today called for a longer delay of the Department of Labor’s fiduciary rule effective date and an updated economic and legal analysis of the final rule. “The fiduciary rule remains fundamentally flawed and unworkable in critical areas, and thus requires substantial revision in order to be considered a functional rule, let alone a wise public policy,” ABA said.

DOL has proposed delaying the effective date to June 9, a 60-day delay pursuant to President Trump’s memorandum on the rule. ABA urged a 180-day delay in addition to the full analysis called for in Trump’s memo.