NAIFA-Texas Stipend
The first 20 NAIFA-Texas members who submit their Congressional Conference registration receipt to NAIFA-Texas AND meet the eligibility requirements will receive a $500 travel stipend following the event.
7 min read
2025 NAIFA Congressional Conference Stipend Opportunity
Topics: #NAIFAProud Federal Advocacy Texas Advocacy Congressional Conference Legislative Day Washington, D.C. NAIFA Texas NAIFA Conference
4 min read
Federal Court in Texas Halts the DOL's Fiduciary-Only Rule
INFORMATION PUBLISHED ON AT.NAIFA.ORG
On July 25, 2024, a federal court in the Eastern District of Texas issued a stay barring the enforcement of the DOL fiduciary-only rule (and amendments to PTE 84-24) while the case in FACC v. DOL is pending. An appeal of the stay to the 5th Circuit is likely.
Meanwhile, NAIFA’s challenge to the fiduciary-only rule, brought with ACLI and other industry groups, is under review in the Northern District of Texas, where we seek a preliminary injunction and stay against enforcement of the fiduciary-only rule and amendments to PTE 84-24 and 2020-02.
Update: A Federal Court has granted a stay in the case brought by NAIFA, ACLI, and others.
The court in the FACC case ruled that plaintiffs are likely to succeed on the merits because the fiduciary-only rule conflicts with ERISA, and with the 5th Circuit’s decision in Chamber, by impermissibly expanding the definition of fiduciary and exceeding the DOL’s authority.
The court in the FACC case found the following:
- The fiduciary-only rule improperly treats one-time rollover recommendations as fiduciary relationships, by improperly redefining fiduciary relationships to include non-trust-and-confidence relationships.
- The fiduciary-only rule improperly (i) eliminates the requirements that fiduciary advice be given on a regular basis, pursuant to mutual agreement, and as primary basis for investment decisions, (ii) ignores the requirement that fiduciary advice be given for a fee, and (iii) ignores the distinction between the DOL’s authority under ERISA Titles I and II.
- The amendments to PTE 84-24 are arbitrary and capricious by imposing fiduciary duty requirements and liabilities on all agents and brokers who interact with retirement investors.
- The FACC plaintiffs demonstrated a substantial threat of irreparable harm if the fiduciary-only rule goes into effect, including compliance burdens and potential liability.
The court gave its stay nationwide effect, not limited to the parties in the FACC case, because the fiduciary-only rule affects all similarly situated financial professionals; because investment rules should be uniform; and because the rule impacts various parts of the financial services industry.
"NAIFA is very pleased that a federal court has halted enforcement of the Department of Labor's fiduciary-only rule," said NAIFA CEO Kevin Mayeux, CAE. "While we await a decision in the case NAIFA filed with NAIFA Chapters, ACLI, and other industry groups in opposition to the DOL rule, this is an important step forward towards protecting the businesses of NAIFA members and consumers who rely on them for financial products and services. The decision means that the DOL's rule will not go into effect September 24, and the courts will have time to fully consider the merits of our lawsuit. We are encouraged by this decision and are confident that we have put forward a strong argument to have the DOL's rule vacated in its entirety."
The NAIFA chapters that are parties to our lawsuit are NAIFA-Texas, NAIFA-Dallas, NAIFA-Fort Worth, and NAIFA-Pineywoods of East Texas. NAIFA will keep you posted on important developments in these cases.
Topics: #NAIFAProud Federal Advocacy Texas Advocacy DOL Texas Fiduciary NAIFA Texas
2 min read
ATTENDING THE CONGRESSIONAL CONFERENCE IS WHAT NAIFA LEADERS DO
INFORMATION PUBLISHED ON AT.NAIFA.ORG
The Congressional Conference is a NAIFA members' best opportunity to experience the power of grassroots advocacy first-hand in our nation's capital. Attendees really do make a difference on behalf of their businesses, clients, and communities. Networking allows them to be inspired and share ideas with politically involved colleagues. Training, policy briefings, and expert speakers give them the knowledge and guidance they need to be effective advocates. Meetings with lawmakers allow NAIFA members to speak with a unified voice and forge meaningful relationships with people whose decisions impact the financial security of every American.
If you, as a NAIFA leader, are not registered to attend the Congressional Conference May 20-21, please sign up today. Also, be sure to spread the word. The more people who attend, the louder and more influential our voice. Let's represent NAIFA, NAIFA-Texas and our clients!
Topics: Advocacy #NAIFAProud Federal Advocacy Grassroots Congressional Conference
5 min read
NAIFA President and His Client Offer the DOL a Unique Perspective
INFORMATION PUBLISHED ON AT.NAIFA.ORG
The Department of Labor thinks it knows what's best for Americans preparing for retirement. NAIFA President Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, and his long-time client Chuck Ross think the DOL is wrong and bring their real-life experience to the argument.
Topics: #NAIFAProud Legislation & Regulations Standard of Care & Consumer Protection Press Release Federal Advocacy DOL
3 min read
NAIFA Members Advocate for Access to Financial Service Professionals
INFORMATION PUBLISHED ON AT.NAIFA.ORG
More than 250 NAIFA members took to Capitol Hill today to meet with over 200 Congressional offices to advance the need to protect the worker classification of financial service professionals as independent contractors and to provide consumers a variety of choices in financial service professionals. The Day on the Hill was coupled with NAIFA’s National Leadership Conference which serves to train the leaders of state and local chapters in grassroots advocacy.
Topics: #NAIFAProud Federal Advocacy Grassroots DOL
4 min read
August Is Awesome for NAIFA Advocacy
INFORMATION PUBLISHED ON AT.NAIFA.ORG
August is In-District Meetings month at NAIFA.
Every August, Congress recesses, allowing Senators and Representatives to spend a few weeks working from their home states and districts. Things slow to a crawl in our nation’s capital but they really heat up in Congressional districts across the country. It’s an opportunity NAIFA does not pass up. Each August, we facilitate hundreds of In-District Meetings between insurance and financial advisors and their lawmakers and staff. Equally as important as more formal meetings in Washington, D.C., these In-District Meetings are critical to building and nurturing meaningful grassroots relationships. In fact, 98% of Congressional staff agree that attending events in the district is important to understanding constituents’ views and opinions.
Topics: #NAIFAProud Federal Advocacy Grassroots Congress
Mark Your Calendars! Quarterly Lobbyist Update Returns Nov. 30th
Our Quarterly Lobbyist Update (QLU) returns on Nov. 30th 2021! This exclusive member-only virtual event will break down this very eventful interim of special sessions, quorum breaks, redistricting, and more. NAIFA-Texas Lobbyist, Elizabeth Hadley, of Greenberg Traurig will be touching on these topics and answering your questions. Snag your FREE registration by clicking here!
Topics: Advocacy MembershipPays State Advocacy Federal Advocacy Texas Advocacy
1 min read
The WISH Act-- What Is It?
Rep. Tom Suozzi (D-NY) has filed H.R. 4289, the "Well-Being Insurance for Seniors to be at Home (WISH) Act." The WISH Act would impose a 0.3% payroll tax on workers and 0.3% payroll tax on employers. The monthly benefit would start at $3,6000 and rise with inflation.
Topics: Certifications & Designations Advocacy Long-Term Care #NAIFAProud State Advocacy Federal Advocacy
1 min read
Quarterly Lobbyist Updates Are Back!
After a little hiatus due to our virtual Day at the Capitol event earlier this year and the 87th legislative session kicking into high gear, the Quarterly Lobbyist Update series is back! This session was unlike any other due to the impacts of COVID-19 and an unpredictable winter storm (just to name a few), and it certainly was not boring.
Topics: Advocacy #NAIFAProud Members State Advocacy Membership Federal Advocacy
1 min read
Clock is Ticking - Congressional Conference Is Around the Corner!
Less than a week until the 2021 (virtual) Congressional Conference! This year's event is FREE for both members and non-members.
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