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 Silicon Valley Bank Would Have Passed The Liquidity Coverage Ratio Requirement
Fed Account Access NDAA Requirements Will Improve Fed Account Transparency, but the Fed Should Go Further
Fed Account Access BPI Comments on Fed Revised Guidelines for Evaluating Account and Services Requests
More Posts by This Author
AML, Bank Secrecy Act and Sanctions BPI’s Heather Hogsett Testifies Before House Subcommittee on Cybersecurity, CISA’s Contributions
AML, Bank Secrecy Act and Sanctions FinCEN Must Preserve Beneficial Ownership Data Usefulness, Discourage Inappropriate Reporting Omissions