July 17, 2015

Office of Regulations and Interpretations

Employee Benefits Security Administration

Attn: Conflict of Interest Rule, Room N-5655

U.S. Department of Labor

200 Constitution Avenue NW.

Washington, DC 20210. 

RE: RIN 1210-AB32; Proposal to Define Fiduciary

To whom it may concern,

The Georgia Credit Union League (GCUL) appreciates the opportunity to comment on the Department of 

Labor’s (DOL) Proposal to Define Fiduciary. As a matter of background, GCUL is the state trade 

association and one member of the network of state leagues that make up the Credit Union National

Association (CUNA). GCUL supports approximately 136 Georgia credit unions that serve over 2 million 

members. This letter reflects the views of our Regulatory Response Committee, which has been 

appointed by the GCUL Board to provide input into requests for proposals such as this. 

On the surface, GCUL does not think that the DOL’s proposal will affect credit unions. Most credit 

unions only provide informational assistance, along the lines of product knowledge, to their members 

regarding IRA accounts. Credit unions that have partnerships with third party firms for investment 

accounts tend to refer their members to the qualified financial advisors that they partner with. In 

neither of these cases do credit unions fall under the current rule’s five-part test for determining 

whether an adviser is a fiduciary: (1) make recommendations on investing in, purchasing or selling 

securities or other property, or give advice as to the investments’ value; (2) on a regular basis; (3) 

pursuant to a mutual understanding that the advice; (4) will serve as a primary basis for investment 

decisions; and (5) will be individualized to the particular needs of the plan. We do not think that credit 

unions will fall under the new definition of “anyone who recommends specific investments and receives 

a fee” because credit union employees do not receive a fee for the “information” they provide their 

members on a product and/or service’s features.

Nevertheless, we are worried that this rule could have unintended consequences for credit unions. 

While we do not believe that a credit union employee would be considered a fiduciary under the 

proposed rule, we are concerned that in the changes that the DOL is proposing, credit unions will be 
unsure of what they can and cannot say to their members regarding retirement and investment 

accounts. Therefore, credit unions will not be able to provide the level of service they currently provide 

to their members. 

Georgia credit unions understand and respect the DOL’s position that it would be in the client’s best 

interest if more retirement and investment advice were required. However, since this proposal does not 

apply to credit unions, we urge the DOL to make it very clear in their final rule that credit union 

employees providing informational ‘advice’ to their members would not be considered fiduciaries. 

Credit unions should be able to feel comfortable knowing that the ‘general information’ they provide to 

their members on investment and retirement accounts would not fall under the definition of “advice”

for the DOL’s rule. If credit unions are subject to even more regulatory scrutiny then they already are

(needlessly), they may decide not to offer these products to their members. In the end, this rule may 

have unintended consequences not only for credit unions, but also for their members. We do not want 

to see credit union members negatively impacted by this rule. 

GCUL appreciates the opportunity to present comments on behalf of Georgia’s credit unions. Thank you 

for your consideration. If you have questions about our comments, please contact Selina Gambrell or 

Cindy Connelly at (770) 476-9625.

Respectfully submitted, 

Selina M. Gambrell

Compliance Specialist