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ABA: The American Bankers Association
Compliance News

ABA, Trade Groups Welcome DOL Rewrite of 'Overtime Rule'

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.