CFPB Expands Financial Education Tool to Serve Active-Duty Servicemembers (5/24/19)
The Bureau expanded its “Misadventures in Money Management,” a financial education tool initially developed for future servicemembers. The CFPB is expanding the program to serve all servicemembers on active duty, including in the Reserve or the National Guard. The program covers topics including consumer financial decision-making, choosing a financial institution, understanding protections under the Servicemembers Civil Relief Act, and understanding how debt can affect a military career.
ABA, Trade Groups Welcome DOL Rewrite of 'Overtime Rule' (5/22/19)
ABA, along with several other industry trade groups under the Partnership to Protect Workplace Opportunity, expressed support for the U.S. Department of Labor’s proposed rewrite of the Obama administration’s 2016 overtime rule, which was overturned in federal court. The groups welcomed DOL’s proposal to set the salary level at which an employee could be exempted from federal overtime and minimum wage requirements at $679 per week, or $35,308 per year. The groups also expressed support for DOL’s use of a nationwide uniform salary level and rejection of automatic updating of the salary level. For more information, contact ABA’s Jonathan Thessin.
CFPB Publishes Spring 2019 Regulatory Agenda (5/22/19)
The CFPB published its Spring 2019 Agenda. The agenda lists the regulatory matters that the Bureau anticipates having under consideration during the period from May 1, 2019, to April 30, 2020. ABA is reviewing the agenda will soon issue a summary. For more information, contact ABA’s Jonathan Thessin.