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Speculation about delays in the implementation of controversial and long-anticipated Department of Labor fiduciary rules may have some credit unions wondering whether to ease up on efforts to prepare for new compliance hurdles, but two experts say credit unions probably shouldn’t take its foot off the gas pedal right now.

The rules generally revolve around redefining which kinds of financial professionals are subject to fiduciary best interest standards, as well as when it’s OK to provide what the Employee Benefits Security Administration calls “conflicted advice” – recommendations from advisors who receive compensation that depends on the actions of the advisee, such as loads, revenue-sharing payments, finder’s fees or commissions.

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Tina Orem

 

Credit Union Times

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