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For Immediate Release
April 6, 2016
ABA Media Contact: Mike Townsend
(202) 663-5471
Follow us on Twitter: @ABABankers

ABA Statement on Final DOL Fiduciary Rule

By Rob Nichols, ABA president and CEO

​“Banks have a long history of helping customers save and prepare for retirement through IRAs, 401(k)s and other important products and services. For months, we have presented the DOL with ways to revise the rule to preserve the value of IRAs and 401(k)s for bank customers.  We recognize the efforts that the DOL has made to address our concerns that the rule could make it harder for customers to continue to use these important bank services.  We are hopeful that the revised language of the rule preserves banks’ relationships with our customers.  We will carefully review the final rule against bank practices and our customers’ needs, and will continue to do everything we can to provide the financial services our customers seek.”
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
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