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
Dear Friends, We wish to keep friends and colleagues advised of developments in our case as we had with our letter back in February – in which we explained the timing and rationale for our action against the U.S. Department of Labor – challenging its reinterpretation of the five-part test and withdrawal of the Deseret Letter all of which improperly expands the reach of ERISA and fiduciary requirements.
Please open the link below to read a letter prepared by FACC regarding our DOL lawsuit. We hope the letter provides industry colleagues with some insights about our legal action which we see as a critical component of industry efforts addressing DOL developments. The letter – among other things –
IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS DALLAS DIVISION FEDERATION OF AMERICANS FOR CONSUMER CHOICE, INC.; JOHN LOWN d/b/a LOWN RETIREMENT PLANNING; DAVID MESSING; MILES FINANCIAL SERVICES, INC.; JON BELLMAN d/b/a BELLMAN FINANCIAL; GOLDEN AGE INSURANCE GROUP, LLC; PROVISION BROKERAGE, LLC; and V. ERIC COUCH,
Dallas, Texas, February 2, 2022 – Today the Federation of Americans for Consumer Choice (FACC), joined by a number of independent insurance agents and agencies, sued the US Department of Labor challenging its interpretation of who is considered a fiduciary.
Extending the temporary enforcement policy is particularly important so financial services professionals can continue with certainty and confidence to help middle income families prepare for retirement.
FACC submits letter to DOL reinforcing its support for the request being made by financial services industry trade organizations that the Department of Labor (DOL) extend the temporary enforcement policy as provided for in Field Assistance Bulletin (FAB) 2018-02 which is presently scheduled to expire on December 20, 2021. FACC
Dear President Trump:
I am writing because I am deeply concerned about the Department of Labor investment advice rule also known as the “fiduciary rule.” I understand the rule proposal could be issued by DOL at any time and I believe it must be stopped and reconsidered.
The Federation of Americans for Consumer Choice (FACC) is urging insurance agents and agencies around the country to contact elected officials to protest the Department of Labor’s latest iteration of the fiduciary rule.