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Entries in Department of Labor (3)

Friday
Dec092016

Financial Institutions....In the News

  • Early in 2017, the U.S. Supreme Court (Expressions Hair Design v. Schneiderman) will hear arguments related to the credit card fees businesses are required to pay.  (BDN 11.29.2016)
  • In the Portland area, national banks are on the decline while community banks have increased their presence.  (Mainebiz 11.30.2016)
  • Camden National Bank’s services now include 24-hour customer service to help with fraud protection.  (Mainebiz 11.30.2016)
  • The Department of Labor’s fiduciary rule which takes effect on April 10, 2017 is being embraced by Maine banks.  (Mainebiz 11.28.2016)
  • A recent study of fraud and identity theft by WalletHub shows that Maine has less fraud and identity theft than most other states.  (Mainebiz 12.5.2016)
  • Since 2010, bankruptcy filings in Maine have been steadily decreasing but experts warn more bankruptcies may bubble up in the future.  (Central Maine 12.3.2016)
Wednesday
Jun272012

U.S. District Court Upholds DOL Position that MLOs are not Exempt from Overtime Pay

The United States District Court for the District of Columbia recently issued a judgment in favor of the U.S. Department of Labor (“DOL”) in the case of Mortgage Bankers Association v. Solis regarding whether mortgage loan officers (“MLOs”) are exempt from overtime pay under the Fair Labor Standards Act (“FLSA”). The judgment upholds an Administrator’s Interpretation issued by the DOL on March 24th, 2010 (the “2010 AI”), interpreting the FLSA to require that MLOs who work more than 40 hours per week receive overtime pay.

Click to read more ...

Tuesday
Jan042011

ABA Joins Others Against Department of Labor’s Classification of Mortgage Loan Officers

The American Bankers Association recently joined with other financial trade organizations to file an amicus brief in federal district court in opposition to the Department of Labor’s classification of most mortgage loan officers as non-exempt employees for wage and hour purposes.  Under the non-exempt classification, mortgage loan officers would be entitled to overtime pay if they work more than 40 hours during a work week.  Key to the Department’s classification is the view that most mortgage loan officers are essential inside sales employees, and not administrative employees.  For many banks, the limitations imposed by a non-exempt classification could result in significant changes in how mortgage loan officers are compensated.  A copy of Administrator’s Interpretation at issue from the Department of Labor may be found here:

http://www.dol.gov/whd/opinion/adminIntrprtn/FLSA/2010/FLSAAI2010_1.htm