The Clearing House (TCH) along with the Financial Services Roundtable and the Mortgage Bankers Association filed a response to the Department of Labor’s request for information on its overtime pay rule. The letter asserts that: using a uniform nationwide salary test promotes simplicity and reduces administrative burden; permitting all bonuses and incentive payments to count toward salary levels is appropriate; avoiding automatic updating to the salary level helps ease compliance burdens; and modernizing the test for highly compensated employees makes sense, as does permitting part-time employees to satisfy a prorated salary-level test.
You Might Also Be Interested In...
Bank Activities and Structure
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion
Bank Activities and Structure
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy
Bank Activities and Structure
Coalition of Trades Comment on Negative Implications of SEC Custody Rule
Custody Services
The Lone Ranger in a Town Full of Sheriffs: How the SEC’s Aggressive Agenda Interferes with the Business of Banking
More Posts by This Author
Bank Capital and Stress Testing
U.S. Bank Capital Levels: Aligning With or Exceeding Midpoint Estimates of Optimal
Central Bank Digital Currency
BPI’s Paige Pidano Paridon Testifies on CBDC Before House Subcommittee
Bank Activities and Structure
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion