Doling out financial advice at credit unions could soon look a lot different if controversial new rules proposed in April by the Department of Labor take effect.

The complex set of regulations, exemptions and amendments generally revolve around expanding the number of professionals subject to fiduciary best interest standards, as well as when it's OK to provide what the Employee Benefits Security Administration calls "conflicted advice" – advice provided by advisors who receive payments that depend on the actions taken by the advisee, such as mutual fund 12b-1 fees and sales loads, payouts for reaching sales targets, and variable commissions for selling individual stocks, insurance products and other financial products.

Anybody receiving compensation for advice that is individualized or specifically directed at a particular plan sponsor, plan participant or IRA owner for consideration in making retirement investment decisions would be a fiduciary, according to the proposed rules.