Insights from Boardman Clark's Banking Group.
For the last three years we have been writing about the new overtime rule under the Fair Labor Standards Act (FLSA). The overtime rule has been revised and now reissued by the Department of Labor (DOL) under the Trump Administration. The “final” rule has been issued and will go into effect on January 1, 2020.
As most bankers are aware, back in 2016 the Department of Labor (“DOL”) issued changes to the rules interpreting the Fair Labor Standards Act overtime exemptions. On March 7, 2019, the DOL released the proposed rule to modernize the overtime exemption standards.
Recently, some banks have received demand letters from lawyers claiming that they have discriminated against customers (or potential customers) with disabilities by failing to provide websites or mobile applications that are accessible to individuals with disabilities
Executives, managers and supervisors at banks are often asked to participate in interviews of potential candidates. More often than not, these individuals have received little or no training about what questions they must avoid in interviewing candidates.
We have been reporting on developments on the Department of Labor (DOL) overtime exemption rules. As many bankers know, the final regulations that were issued in 2016 would have made a number of changes to the overtime exemptions, including increasing the salary threshold for key exemptions from $455 to $913 per week.
The Department of Labor’s Fiduciary Rule has certainly been in the news lately, and has been the source of great confusion.
For now, the rule's implementation and enforcement are on hold. The matter has been appealed to the 5th Circuit Court of Appeals, and the DOL is currently scheduled to file its brief in the case by June 30.