Newsroom
April 28, 2016
House passes anti-fiduciary rule resolution along party lines
The House voted 234-183 Thursday, along party lines, to approve a resolution to stop the Obama administration from implementing a recently revised Labor Department fiduciary rule for financial advisers.
Last week, the House Education and Workforce Committee approved the resolution, which was introduced by Reps. Phil Roe, R-Tenn., Charles Boustany, R-La., and Ann Wagner, R-Mo.
NAFCU has also expressed concerns about the rule.
The rule would not apply to credit unions directly, but it would affect investment adviser services through vendors and credit union service organizations. NAFCU supports consumer protections but has concerns about the indirect costs of the rule's implementation to credit unions.
The House resolution is similar to a Senate version offered by Sens. Johnny Isakson, R-Ga., Lamar Alexander, R-Tenn., and Mike Enzi, R-Wyo.
The Department of Labor released its revised fiduciary rule earlier this month; it would affect how financial advisers may advise clients on retirement savings and hold advisors to a "fiduciary standard."
The "fiduciary standard" already applies to financial professionals registered as investment advisers with the Securities and Exchange Commission or under state rules. The DoL final rule expands the standard to cover brokers, insurance agents and other financial professionals.
The Obama administration says the rule will crack down on conflicts of interest in retirement advice that reportedly cost Americans $17 billion in losses annually. The fiduciary standard will require that advisers put their clients' interests before their own profits. The best-interest contract portion of the rule will take effect in April 2017; the rest of the rule will go into effect Jan. 1, 2018.
Last week, the House Education and Workforce Committee approved the resolution, which was introduced by Reps. Phil Roe, R-Tenn., Charles Boustany, R-La., and Ann Wagner, R-Mo.
NAFCU has also expressed concerns about the rule.
The rule would not apply to credit unions directly, but it would affect investment adviser services through vendors and credit union service organizations. NAFCU supports consumer protections but has concerns about the indirect costs of the rule's implementation to credit unions.
The House resolution is similar to a Senate version offered by Sens. Johnny Isakson, R-Ga., Lamar Alexander, R-Tenn., and Mike Enzi, R-Wyo.
The Department of Labor released its revised fiduciary rule earlier this month; it would affect how financial advisers may advise clients on retirement savings and hold advisors to a "fiduciary standard."
The "fiduciary standard" already applies to financial professionals registered as investment advisers with the Securities and Exchange Commission or under state rules. The DoL final rule expands the standard to cover brokers, insurance agents and other financial professionals.
The Obama administration says the rule will crack down on conflicts of interest in retirement advice that reportedly cost Americans $17 billion in losses annually. The fiduciary standard will require that advisers put their clients' interests before their own profits. The best-interest contract portion of the rule will take effect in April 2017; the rest of the rule will go into effect Jan. 1, 2018.
Share This
Related Resources
Add to Calendar 2024-04-30 14:00:00 2024-04-30 14:00:00 State of Consumer Credit: How Behaviors have Shifted and Trends in US Bankcard Benchmarks About the Webinar In an era marked by volatility and evolving credit trends such as historic inflation and the rise of BNPL, credit unions must adapt to mitigate risks effectively. Join the experts at FICO in exploring how to leverage FICO Scores to enhance competitiveness while maintaining stability and compliance. Key Takeaways: Learn about the latest in consumer credit behaviors and score distributions since the pandemic Take a closer look at major US bankcard trends in comparison to the credit union industry, such as average card spend, balance, missed payments and more. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
State of Consumer Credit: How Behaviors have Shifted and Trends in US Bankcard Benchmarks
preferred partner
FICO
Webinar
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 Unifying Two Different Executive Benefits Programs About the Webinar In part one we discussed how to retain key positions during a time of transition. In part two, we will look at how to combine executive benefits programs from two different organizations into a single high-performing program. Evaluating each program includes many different facets, from strategy and expense to performance and servicing. This session will provide important considerations, whether or not you have pending M&A activity. Key Takeaways: Is the plan design both retentive and efficient? Is the benefit expense properly mitigated? Does the legal agreement reflect the board’s intent? View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Unifying Two Different Executive Benefits Programs
preferred partner
Gallagher
Webinar
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 ChatGPT: What AI can do for you! ChatGPT has been created with one main objective – to predict the next word in a sentence, based on what's typically happened in the gigabytes of text data that it's been trained on. Did you ever hear of the saying, “People fear the unknown?” Artificial intelligence scares people, but it is the future, and you need to understand the tools and resources it offers. It’s also about saving time, that’s what technology and in this case, artificial intelligence can do for you. If you want to save time and have a better quality of life, this training is for you. Once you give ChatGPT a question or prompt, it passes through the AI model and the chatbot produces a response based on the information you've given and how that fits into its vast amount of training data. It's during this training that ChatGPT has learned what word, or sequence of words, typically follows the last one in a given context. During this webinar, ChatGPT: What AI can do for you, you’ll discover the background, purpose, usability, and the pros and cons. Don't miss this opportunity! Key Takeaways Learn the background of AI Understand the purpose of AI Identify the pros and cons Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 25, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCRMs Risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
ChatGPT: What AI can do for you!
Credits: NCRM
Webinar
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Get daily updates.
Subscribe to NAFCU today.