WASHINGTON—Secretary of Labor Alexander Acosta told lawmakers this week that his department's fiduciary rule will take effect Friday, as planned, with full implementation on Jan. 1, 2018.
Acosta said last month that he would not delay the applicability date. Speaking before the House Appropriations Subcommittee on Labor, Health and Human Services, Education and Related Agencies, he also said the Labor Department has issued a request for information to the Office of Management and Budget on the rule, which he considers the department's "first step" in reviewing the rule, NAFCU reported.
The department had postponed the applicability date from April 10 after President Donald Trump asked for a delay and for the rule to be reviewed more.
NAFCU noted that it has aired concerns about how the rule’s indirect costs would affect credit unions, and it has urged the department to revoke the rule or exempt credit unions.