Uncategorized – Federation of Americans for Consumer Choice

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Court Grants FACC Motion to Stay the DOL Rule

On Thursday, July 25th, just two days after FACC presented its Oral Argument, Judge Kernodle, granted FACC’s motion.

EXCERPT

The Court grants Plaintiffs’ motion. As explained below, Plaintiffs are likely to succeed on the merits of their claim because the 2024 Fiduciary Rule conflicts with ERISA in several ways, including by treating as fiduciaries those who engage in onetime recommendations to roll over assets from an ERISA plan to an IRA. DOL’s related amendments to Prohibited Transaction Exemption 84-24 are also unreasonable and arbitrary and capricious.

Kim O'Brien August 29, 2024 No Comments

Illinois Comment Regarding NAIC Suitability Proposal

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

Kim O'Brien November 8, 2022 No Comments

FACC v. DOL Amended Briefing Schedule

Government requests delay in briefing and argument schedule for FACC v. DOL.

Kim O'Brien October 7, 2022 No Comments

FACC v. DOL Brief July 15, 2022

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

Kim O'Brien July 18, 2022 No Comments

Complaint: FACC et al. v. DOL 02-02-2022

Kim O'Brien February 18, 2022 No Comments

FACC Proceed Cautiously and Prudently

Dear Working Group Members:

The Fixed Annuity Consumer Choice Campaign (FACC Campaign)* was originally organized to address issues impacting fixed annuities in connection with Department Labor (DOL) fiduciary rule. While we were very pleased to see the Fifth Circuit strike down the DOL fiduciary rule, we are deeply concerned that state and federal regulators are now rushing to fill what they may perceive as a vacuum, thereby perpetuating inherent flaws and false justifications of the DOL fiduciary rule that led to its demise.

Kim O'Brien April 26, 2018 No Comments

FACC Best Interest Concerns: Cash and Non-Cash Compensation

Dear Working Group Members:
The Fixed Annuity Consumer Choice Campaign (FACC)* was organized to address certain issues impacting fixed annuities in connection with Department Labor (DOL) fiduciary rule. While generally FACC focuses its attention on DOL rule deliberations, we have reviewed the NAIC proposal to incorporate concepts of “best interest” into the NAIC’s model suitability regulation, and wish to comment on one particular point that may not otherwise be addressed by trade associations representing the industry.

Kim O'Brien January 22, 2018 No Comments