ABA Seeks Banker Input on Overtime Proposal

ABA is seeking banker input on how the Department of Labor’s controversial overtime proposal — which would more than double the current salary necessary for employees to be exempt from overtime and will affect most banks in the country — would affect their banks.

ABA opposes this proposal and needs feedback from banks — especially those operating in lower-wage areas — to inform DOL effectively about the proposed rule’s effect on community banks and small branches. Information provided will be shared anonymously in ABA’s comment letter on the rule.

In particular, ABA seeks information about the number of currently exempt employees who do not earn $50,544 annually, their length of time being exempt and their percentage of the workforce; projected costs of overtime; morale problems; and the effects of losing flexibility. To provide input, contact ABA’s Cris Naser.

ABA will host an online briefing on the proposal addressing its implications for the banking industry at 2:00 p.m. EDT tomorrow.