Tabs

Bank Insurance Agency Management
Community Banks and Insurance
Compliance and Risk Management
Wealth Management
Insurance Product Marketing
Advocacy

Monday, June 13, 2016

ABA/ABIA Seek Letters to Congress to Stop Overtime Rule

ABA is urging all bank employees to write to Congress in support of the Protecting Workplace Advancement and Opportunity Act, which would impede the Department of Labor’s controversial rule raising the threshold for which employees are considered exempt from overtime under the Fair Labor Standards Act. The bill -- introduced in the House as H.R. 4773 and the Senate as S. 2702 -- would require DoL to examine fully the rule’s impact on small businesses before it takes effect.

The final overtime rule is controversial because it would double the threshold to be exempt from FLSA, capturing many management-level employees -- at banks and other businesses -- who are currently exempt, especially in lower-wage parts of the country. When employees are reclassified as non-exempt, many consider it to be a demotion, and they lose the opportunity to demonstrate their dedication and take on new responsibilities by working longer hours. Other employees will lose flexible work arrangements that they currently enjoy as they transition to clocking in.

“Without congressional action, the Labor Department's rule will do serious damage to the small businesses in your community,” said ABA EVP James Ballentine. “ABA urges all bankers to contact their senators and representatives today and ask them to support the Protecting Workplace Advancement and Opportunity Act.”

Take action now!