Department of Labor Fiduciary Rule

The Department of Labor (DOL) Fiduciary Rule significantly expands the circumstances under which a person is considered to be a “fiduciary” under the Employee Retirement Income Security Act (ERISA) or the Internal Revenue Code (Code). The Fiduciary Rule was finalized in April 2016 and went into effect on June 9, 2017.

ABA Position

ABA believes that banks, in their capacity as fiduciaries, should act in the best interest of their retirement customers, since these individuals rely on and entrust their banks to provide retirement services, including investment products, retirement planning, and investor education, in order to achieve a secure financial retirement. ABA believes, however, that the Fiduciary Rule as written is overbroad and overreaching, and remains fundamentally flawed and unworkable in critical areas. Thus, the Fiduciary Rule requires major revisions in order to be considered a functional rule that (i) specifically targets bona fide fiduciary conduct, (ii) provides certainty of compliance, and (iii) meets the standards of wise public policy that truly serves financial services customers.

 

 Newsbytes

 
 

 Comment Letters

 
 

 Letters to Congress & Regulators

 
 

 Agency Rules and Releases

 
​Questions? Please contact Timothy Keehan for more information. 
 

 ABA Staff Contact

 
  • Timothy E. Keehan
    Vice President & Senior Counsel
    Center for Securities Trusts & Investments
 

 ABA Working Groups

 
  • ​DOL Fiduciary Operational Working Group
  • ERISA Attorneys Group

Each of these groups generally meet monthly by conference call to discuss policy and other issues raised by the Fiduciary Rule and its exemptions. Participation is open to ABA members only.

 

 ABA Resources