WASHINGTON—CUNA Tuesday sent a letter of support to Sens. Roy Blunt (R-MO) and Mark Kirk (R-IL), and Reps. Ann Wagner (R-MO 2nd District), Peter Roskam (R-IL 6th District) and Phil Roe (R-TN 1st District) in support of their legislation that would address problems with the Department of Labor’s fiduciary rule.
S.2497, the Retail Investor Protection Act, would delay the proposed fiduciary rule until the Securities and Exchange Commission issues a rule governing standards of conduct for brokers and dealers, and its House companion (H.R. 1090) would provide more clarity and reduce regulatory overlap.
“CUNA supports the broader goal of protecting investors and encouraging all advisors to act in the investor’s best interest. However, we have concerns that the Department of Labor’s (DOL) rule will, in practicality be particularly harmful to low- and middle-income working American families looking for options to save and invest,” wrote CUNA President and CEO Jim Nussle. “Credit unions as part of their mission serve many of these middle class families, and we want to ensure that credit union members continue to have opportunities to learn about investment options.”
For CUNA’s full letter, go to CUToday.info’s The gov.