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Advocacy in action blog

1 min read

NAIFA's Lawsuit Aims to Protect Consumers and the Financial Professionals Who Serve Them

By Kevin Mayeux on 8/15/24 4:08 PM

The Wall Street Journal and Washington Post recently published articles casting a negative light on the lawsuit brought by NAIFA, ACLI, and others to stop the Department of Labor’s misguided fiduciary-only rule. These articles mischaracterize what we hope to achieve and largely ignore the arguments laid out in our court filings.

Topics: Legislation & Regulations Standard of Care & Consumer Protection DOL
1 min read

Mayeux Thanks Lawmakers for CRA Resolution Disapproving of the DOL’s Fiduciary-Only Rule

By NAIFA on 5/15/24 12:07 PM

NAIFA supports the newly introduced Congressional Review Act (CRA) resolution disapproving the DOL’s final fiduciary-only rule that will negatively impact and impose new costs on middle- and low-income savers, as well as financial services professionals. CEO Kevin Mayeux, CAE, sent letters personally thanking Representative Rick Allen and Senators Roger Marshall, Joe Manchin, Ted Budd, and Bill Cassidy for introducing the resolution in the House and Senate, respectively. ACLI, NAIFA, Finseca, IRI and NAFA also issued a joint release supporting the CRA review.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
1 min read

Please Take NAIFA’s Survey on the DOL Fiduciary-Only Rule

By NAIFA on 5/12/24 8:26 PM

An ongoing survey of NAIFA members will provide updated data to help NAIFA and our industry partners in future actions on the Department of Labor’s final fiduciary-only rule. The results will help us educate policymakers – and potentially the courts – on how the proposal will impact consumers and your business.

Topics: Legislation & Regulations Federal Advocacy DOL Fiduciary
1 min read

How the DOL Fiduciary-Only Rule Will Impact Financial Professionals and Consumers

By NAIFA on 4/27/24 1:30 PM

A NAIFA Advocacy Webinar
May 2 | 2 pm eastern

The U.S. Department of Labor‘s final fiduciary-only rule will force the vast majority of financial professionals offering retirement planning services and products into a fee-for-service model, unless Congress or the courts intervene. It will deprive many consumers of the valuable option of working with professionals operating under alternative models, including those with commission-based compensation, that may better meet their needs.

Topics: Legislation & Regulations Standard of Care & Consumer Protection DOL Fiduciary
1 min read

NAIFA Offers Analysis of FTC Non-Compete Rule

By NAIFA on 4/24/24 11:38 AM

The Federal Trade Commission voted 3-2 along partisan lines at an April 23 open Zoom meeting to approve its final Non-Compete Clause Rule which will ban most non-compete agreements.

The 570-page Final Rule becomes effective 120 days after it is published in the Federal Register unless a court issues an order staying that effective date while it considers challenges to the Final Rule. The Final Rule is expected to be published on April 25, 2024, and it would then become effective on August 23, 2024. Legal challenges are, however, expected to be filed immediately.

Topics: Legislation & Regulations Practice Management Federal Advocacy
3 min read

NAIFA Responds to DOL Release of Fast-Tracked Fiduciary-Only Rule

By NAIFA on 4/23/24 1:40 PM

The Department of Labor and the White House have released a final fiduciary-only rule after an astonishingly brief regulatory and review process and in spite of grave concerns expressed by NAIFA, members of Congress, and other stakeholders. Unless Congress or the courts intervene, the rule will force the vast majority of financial professionals offering retirement planning services and products into a fee-for-service model. It will deprive consumers of the valuable option of working with professionals operating under alternative models that may better meet their needs.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Press Release Federal Advocacy DOL
2 min read

NAIFA Opposes Short-Sighted Federal Rules on Short-Term Health Insurance

By NAIFA on 3/28/24 5:36 PM

The administration’s final rules on short-term, limited-duration health insurance (STLDI) plans will restrict access to these policies that serve crucial needs of many American consumers. The plans, which have existed since the introduction of HIPAA-based rules nearly two decades ago, are designed to bridge the gap between comprehensive coverage options. They can be a great fit for those looking for individual coverage, waiting for the start of group plan enrollment, having gaps between different employment opportunities, or waiting for their next open enrollment opportunity.

Topics: Health Care Legislation & Regulations Press Release IRS Short-Term Insurance
1 min read

DOL Advances Fiduciary-Only Proposal That Would Limit Access to Financial Services for Lower- and Middle-Income Consumers

By NAIFA on 3/11/24 3:06 PM

NAIFA CEO Kevin Mayeux, CAE, issued the following statement in response to the U.S. Department of Labor’s decision to advance its proposed “Retirement Security Rule” for review by the White House Office of Management and Budget (OMB).

Topics: Retirement Planning Legislation & Regulations Standard of Care & Consumer Protection Press Release DOL
1 min read

Reasons Abound for the DOL to Withdraw Its Fiduciary-Only Proposal

By NAIFA on 1/26/24 1:26 PM

When it comes to preparing for retirement, having choices matters. Congress, in recent years, has passed landmark legislation encouraging Americans to invest in their futures and save for retirement while giving them greater flexibility and more planning options. Now more than ever Americans need retirement planning assistance.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL
2 min read

New Study Agrees With NAIFA Survey Showing DOL Proposal Would Increase Costs

By NAIFA on 1/23/24 11:50 AM

NAIFA members in a recent survey overwhelmingly said that the Department of Labor’s fiduciary-only proposal for retirement planning services would increase the costs of serving clients. That sentiment is borne out on a macro level by a new Financial Services Institute study conducted by Oxford Economics, which found that the rule would cost financial services firms $2.7 billion in the first year with continuing annual costs of $2.5 billion. These figures are more than six times the upfront costs and nearly 11 times the ongoing costs estimated by the DOL.

Topics: Legislation & Regulations Standard of Care & Consumer Protection Federal Advocacy DOL

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