WASHINGTON—With the House and Senate in session this week, there are two pieces of business that could impact credit unions—one addressing tax reform and the other the Labor Department’s fiduciary rule.
The House is expected to vote on a resolution from Reps. Phil Roe (R-TN), Charles Boustany (R-LA) and Ann Wagner (R-MO) to stop the Obama administration from implementing a recently revised Labor Department fiduciary rule for financial advisers. NAFCU and CUNA have expressed concerns about the rule.
The rule would add brokers and advisers to the definition of "fiduciary" of an employee benefit plan.
CUNA has stated that it has concerns that this could potentially negatively affect credit unions that offer investment services through arrangements with third-party brokers if credit unions are swept into “overly burdensome compliance rules.”
Both trade associations said they will be monitoring the vote, with CUNA noting that the DoL has addressed issues CUNA has been concerned about.
“The final (DoL) rule addresses many of the concerns we raised during the proposal’s comment process,” said CUNA Chief Advocacy officer Ryan Donovan.
NAFCU and CUNA will also be monitoring a Senate Finance Committee hearing Tuesday on business tax reform.
“This just another in a series of the Committee’s hearings on tax reform,” said Donovan. “It builds off last’s year’s work of the Committee’s working group.”
On Wednesday, the House Armed Services Committee will mark up the fiscal year 2017 National Defense Authorization Act.