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Monday, July 24, 2017

ABA Seeks Delay of Fiduciary Rule Exemptions' Effective Date

ABA filed a comment letter requesting that the Department of Labor delay the Jan. 1, 2018, applicability date of the fiduciary rule’s exemptions  notably the best interest contract exemption. ABA recommended that DoL extend the applicability date by at least 12 months or, if changes are made to the fiduciary rule or exemptions, at least 12 months after the effective date of any such changes.

ABA stated that the current trajectory of DoL’s rulemaking process already points to a significant delay in the applicability date, whether or not changes are made to the fiduciary rule. The association further pointed out that an extension would also allow the federal banking regulators to determine and then communicate their regulatory expectations to banks subject to the rule. 


Read ABA's letter

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