July 21, 2015

The Honorable Thomas E. Perez

United States Department of Labor

200 Constitution Ave., NW

Washington, D.C. 20210

RE: Definition of Term “Fiduciary”; Conflict of Interest Rule—Retirement Investment Advice 

[RIN: 1210-AB32], 80 Federal Register 21928

Dear Secretary Perez,

On behalf of the Ohio Bankers League (“OBL”), we write to share our concerns about 

certain critical elements of the fiduciary rule proposed by the U.S. Department of Labor 

(“Department”). We agree that the interests of the client should always be put before the 

financial interests of a retirement advisor. We are concerned however that as written the 

proposed rule is not the best avenue to achieve that result. The new rule will unfortunately limit

the ability of financial professionals to provide important investment support and information to 

their clients, thereby actually reducing the advice available to workers as they consider how to 

grow and preserve their financial nest egg.

The OBL is a non-profit trade association that represents the interests of Ohio’s 

commercial banks, savings banks, savings associations as well as their holding companies and 

affiliated organizations. The Ohio Bankers League has over 200 members, which represents the 

overwhelming majority of all depository institutions doing business in this state. Many of our 

members assist local customers with retirement planning, whether directly or through an 

arrangement with a third party advisor. OBL membership represents the full spectrum of FDIC 

insured depository institutions from small mutual savings associations owned by their depositors, 

community banks that are the quintessential locally owned and operated businesses, up to large 

regional and multistate holding companies that have several bank and non-bank affiliates and 

conduct business from coast to coast. 

Many detailed technical concerns have already been expressed to you by the national 

trade groups representing financial service professionals, including the Financial Services 

Roundtable and the American Bankers Association. We agree with the issues raised by those 

trade groups and will not repeat those concerns in this comment. The OBL just wants to add our 

voice to the many professionals that are worried that this new interpretation will have the 

unintended consequence of reducing advice available to people saving for retirement. This is 

troubling because very few savers and investors have the financial expertise to manage the assets 

in defined contribution plans. Further, with the demise of traditional pension plans retirees will 
be relying almost exclusively on these assets to survive during retirement. This problem is 

particularly acute in smaller communities in the Midwest, where fewer investment advisors are 

available to assist savers and investors. 

We have a particular concern however with the overbroad definition of fiduciary as 

proposed in the rule. As currently drafted, this new definition will sweep into the impact of this 

rule many who do not actually provide financial advice or do not really have a direct impact on 

investment options. For example, merely providing education materials and an explanation of 

benefits information could trigger increased liability. Customers trying to make their own 

informed judgement use the information provided by OBL members to learn more about plan 

benefits and to make educated decisions about their investment opportunities. Creating liability 

for merely providing useful information will discourage the distribution of thoughtful materials 

and informed conversations between bankers and their clients about important retirement and 

financial planning tools. 

Also, please consider that banks merely providing custody services to retirement plans 

make periodic valuations of the assets under custody to facilitate the operation of the plans. 

Providing this important information to retirement investors is a support role done in the ordinary 

course of business, and not in connection with a planned investment. Yet, the proposal could 

cause this administrative function to be considered a fiduciary activity, triggering fiduciary 

liability.

Finally, there is also a concern that this broader definition could have on small 

employers. In providing guidance or information, employers have no profit motive in an 

individual investment choice. With the best of intentions, employers are just trying to help 

employees make informed choices about retirement options. Yet, the broader definition of 

fiduciary could create new liability discouraging even this minimal support for employees 

making critical investment choices. 

For the reasons stated above the Ohio Bankers League urges the Department to either 

withdraw the proposal or to substantially modify the rule to address the concerns raised by this 

letter and the national trade groups.

Respectfully submitted;

s/ Michael J Adelman s/ Jeffrey D. Quayle

Michael J. Adelman Jeffrey D Quayle

President & CEO Senior Vice President & General Counsel