ABA Staff Analysis: Overtime Rule (5/26/16)
ABA issued a Staff Analysis on the Department of Labor's final overtime rule, which changes the tests for determining which employees are exempt from overtime pay under the Fair Labor Standards Act. The analysis summarizes the rule changes, which take effect December 1, and suggests next steps to help banks implement them.
The overtime rule is also the topic of a June 16 ABA briefing that will provide insight on the likely impacted positions, self-audit steps to evaluate compliance options, and practical implementation tips. Contact Cris Naser with questions.
CFPB Monthly Complaint Snapshot: Credit Reporting Complaints (5/26/16)
This month's CFPB complaint snapshot spotlighted consumer complaints about credit reporting. Consumers' most frequent complaints continue to be about incorrect information on their credit reports. Customers also report difficulty having errors resolved. Since October 2012, the Bureau has handled approximately 143,700 credit reporting complaints. New Mexico, Minnesota, and Indiana experienced the greatest year-to-year complaint volume increases from the February to April 2016 period versus the same time period last year.