FACC – Federation of Americans for Consumer Choice

2022 0202 - fa-mag.com - Insurance Agents Sue to Overturn DOL Rule, by FA Staff - [link]
- The Federation of Americans for Consumer Choice, a trade group representing independent insurance agents and agencies, sued the Department of Labor today on the grounds that the agency’s interpretation of who is required to act as a fiduciary is overly broad.
- Fifth Circuit in Dallas
- "The new rule is the latest iteration of a decade-old effort by the government to turn more financial professionals, including insurance agents, into fiduciaries, subjecting them to more onerous regulatory requirements,” said Kim O’Brien, CEO of the Federation of Americans for Consumer Choice.
- O’Brien said that the DOL interpretation “places an unfair regulatory burden upon independent insurance agents who serve Middle America, thereby limiting access by lower and middle-income Americans to important guaranteed retirement products as well as retirement advice more generally.”
- The regulation “could force agents in small towns across America to close up shop if it is not overturned, leaving many consumers without access to insurance and retirement products,” O’Brien told Financial Advisor.

2023 - LC - Federation of Americans for Consumer Choice v Martin J. Walsh, Secretary of Labor, and the United States Department of Labor
- FACC - Federation of Americans for Consumer Choice
- 3:22-cv-00243