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Proposal delays fiduciary rule date to June 9
The Labor Department on Wednesday announced a proposed 60-day delay of its fiduciary rule implementation date, previously set for April 10.
The Labor Department will accept public comments on the proposed extension for 15 days after it is published in the Federal Register today.
The delay comes after a Texas federal judge's decision earlier this month to uphold the rule, which affects how financial advisers may advise clients on retirement savings.
President Donald Trump had directed the Labor Department to delay implementation of the rule for further review before the court ruling. Public comments will be accepted on the presidential memorandum for 45 days.
The rule would hold advisers to a "fiduciary standard." NAFCU has aired concerns about how the rule's indirect costs would affect credit unions.
NAFCU's updated Final Regulation on the rule is available here.
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