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ABA: The American Bankers Association

Fiduciary Regulation by the Department of Labor

Making a Functional Rule that Protects Customers

ABA Position

ABA believes that banks, in their capacity as fiduciaries, should act in the best interest of their retirement customers, since these individuals rely on and entrust their banks to provide retirement services, including investment products, retirement planning, and investor education, in order to achieve a secure financial retirement. As DOL undertakes to revise the standard for fiduciary investment advice, it should focus on a functional rule that (i) specifically targets bona fide fiduciary conduct, (ii) provides certainty of compliance, and (iii) meets the standards of wise public policy that truly serves financial services customers.

Related Training & Events

  • ABA Experts Webinar: What You Need to Know about the CRA Final Rule

    Recorded Webinar | November 3, 2023

    The federal banking agencies have finalized the long-awaited overhaul of regulations that implement the Community Reinvestment Act. The new rule aims to reflect the digital delivery of financial products and services and enhance economic opportunity for low-and moderate-income individuals and communities. It also has strategic implications for banks that may affect your growth strategy and expansion into new markets.

Our Experts

Timothy Keehan

Tim Keehan

Vice President & Senior Counsel

Contact Timothy

Press Contact

Blair Bernstein

(202) 663-5468

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