WASHINGTON—The Labor Department has 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 Thursday.
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, noted NAFCU in its analysis.
“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,” noted NAFCU.
The rule would hold advisers to a “fiduciary standard.” NAFCU said it has aired concerns about how the rule’s indirect costs would affect credit unions.