The Department of Labor yesterday issued a request for information on the fiduciary rule as part of its ongoing review of the rule in response to an executive order by President Trump. The rule, which greatly expanded the definition of who counts as a “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code, took effect June 9.
DOL is seeking input that could form the basis of new exemptions or other revisions to the rule, as well as input on the advisability of extending the Jan. 1, 2018, compliance deadline for certain provisions of the rule. Comments on the compliance deadline extension will be due 15 days after the notice is published in the Federal Register; all other issues in the RFI have a 30-day comment period.
ABA has strongly advocated for significant revisions to the fiduciary rule to achieve functionality, facilitate compliance, and ensure it does not negatively affect retirement products and services available to bank customers.