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Bankers Urge Labor Department to Revise Overtime Rule

Thursday, October 18, 2018   (0 Comments)
Posted by: Amanda Averch
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As the U.S. Department of Labor continues to examine potential revisions to the Obama administration’s “overtime rule,” two ABA member bankers -- Amy Woodward, human resources director at National Capital Bank in Washington, D.C., and Judith Clements, chief human resource officer at First National Bank in Altavista, Va. -- participated in DOL’s final “listening session” held yesterday in Washington, DC.

The overtime rule -- which was adopted in 2016 but never took effect due to a federal judge’s ruling later that year -- raised the salary level for the executive, administrative and professional, and highly compensated employee exemptions, which would have resulted in far more employees being treated as hourly earners had it gone into effect. During the listening session, bankers provided feedback to DOL staff on the effects that the overtime exemption salary level would have on banks and other businesses and their employees. Prior to yesterday’s session, bankers had participated in listening sessions held in Atlanta, Denver, and Kansas City.

In previous comments, ABA urged DOL to adopt a single national salary level computed according to the methodology DOL used in its 2004 rulemaking. ABA also opposed any automatic adjustments to the salary level and argued that no changes to the duties tests should be made at this time. Read ABA's previous comments. View ABA's talking points for the listening sessions

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