HLF has a strong interest in this case. The DOL preamble being challenged by the Plaintiffs . . . would resurrect much of the very harmful 2016 Fiduciary Rule in a manner that directly conflicts with the 2018 decision of the Fifth Circuit Court of Appeals (“Fifth Circuit”) invalidating that rule . . . . If DOL is permitted to flout the court’s mandate, the New Interpretation will have the disastrous effect on individuals saving for retirement—especially Hispanic and Black Americans—that was shown to have occurred by the HLF Fiduciary Study.
The DOL’s principal defense of the New Interpretation comes down to little more than the fact that it pays lip service to the opinion in Chamber of Commerce of the United States of America v. United States Department of Labor, 885 F.3d 360 (5th Cir. 2018). According to the DOL,
FACC comments on one apparent deviation in the proposed amendments from the NAIC model regulation. We note a portion of Section 1.B of the model regulation was not included in the Illinois proposal in its entirety as represented by the underlined language: Nothing herein shall be construed to create or
FACC opposes the proposed regulation which we believe is unnecessary, redundant, and potentially confusing. While many states – 28 to date – have adopted the NAIC model regulation through rulemaking or legislation, none has seen the need to adopt a regulation similar to the one proposed here. The reason is
Government requests delay in briefing and argument schedule for FACC v. DOL. ELECTRONIC ORDER granting the  Joint Motion to Amend Case Schedule and modifying the current scheduling order  to set the following deadlines: November 7, 2022: Plaintiffs’ combined reply in support of their summary judgment motion and opposition
FACC supports the proposal to amend Tennessee’s suitability regulation as currently draftedand publicly proposed. FACC would strongly oppose any consideration of changes to the language that would deviate from the language contained in the NAIC Model #275.
FACC v. DOL Brief July 15, 2022 This lawsuit presents the question of whether the DOL will be permitted to make an end run around a judgment rendered by the United States Court of Appeals for the Fifth Circuit. Through a strained reinterpretation of a long-standing regulation, the DOL has
FACC, the Federation of Americans for Consumer Choice, fully supports the efforts of West Virginia to adopt the updated NAIC Model regulation #275. We appreciate that West Virginia has proposed adopting the model regulation in full to enhance consumer protection and promote uniformity.
Thank you for the opportunity to comment on proposed changes to R590-230, Suitability in Annuity Transactions. FACC applauds the Department’s efforts to adopt the updated version of the NAIC Model Regulation to enhance consumer protection and promote uniformity.