National Association of Insurance and Financial Advisors

GovUpdate: Court Vacates DOL Fiduciary Rule

March 19, 2018

Issue: Department of Labor Fiduciary   Date: March 19, 2018   Action Taken: On March 15 th , the Fifth Circuit Court of Appeals ruled in favor of NAIFA, the ACLI, NAIFA-Texas, and several of NAIFA’s local associations in North Texas and vacated the DOL fiduciary rule. Assuming DOL does not successfully appeal the decision, this means regulations that would have made it difficult or impossible for advisors to serve clients with modest or moderate means are not just delayed, but are n...

NAIFA Leadership Meets with SEC Chairman Clayton on Fiduciary

March 15, 2018

NAIFA leadership met with Securities and Exchange Commission (SEC) Chairman Jay Clayton to discuss the agency’s upcoming rulemaking initiative proposing a “best interest of the client” standard of care on broker-dealers and their registered reps. At the meeting, both NAIFA and the SEC described the need for any rulemaking to bring clarity and to diminish confusion using plain language and simple disclosures.   Representing NAIFA at the meeting were President Keith Gillies, chief executive...

Senate Debates Bill that Contains Senior Safe Act

March 15, 2018

The Senate is currently debating S.2155, a bill that would modify Dodd-Frank financial institution reform rules for certain smaller and community banks. The bill on the floor would include the provisions of the Senior $afe Act. The Senior $afe Act, strongly supported by NAIFA, would provide protection from legal liability to financial advisors who report suspicions of financial abuse of senior citizens. A pending amendment to those provisions, which NAIFA is opposing, would water down this pr...

Congress Focuses on Funding the Government for the Balance of FY 2018

March 15, 2018

Congress is currently working on a massive bill to fund-the-government that will combine the 12 regular annual appropriations measures into one omnibus appropriations bill. The bill needs to be passed by March 23, when current government funding expires. Negotiations include discussion of whether to fund cost-sharing reductions (CSRs) and other individual health insurance market stabilization measures. Also in play is whether to include a policy rider blocking the DOL fiduciary rule.   As...

Senate Positions Retirement Savings Bill for Inclusion in March 23 Government Funding Bill

March 15, 2018

On March 8, Senate Finance Committee chairman Sen. Orrin Hatch (R-UT) and the committee’s ranking member, Sen. Ron Wyden (D-OR), re-introduced the Retirement Enhancement and Savings Act (RESA), and set up a process to seek unanimous consent for its passage by the full Senate. This is viewed as a concerted effort to win inclusion of RESA in the March 23 government-funding bill.   S.2526 focuses on changes to retirement savings law. It was unanimously approved by the Senate Finance Committe...