Jump to Content
ABA: The American Bankers Association
Compliance News

Proposed Overtime Rule Sent to OMB for Review

The Department of Labor has sent to the White House's Office of Information and Regulatory Affairs — an office within the Office of Management and Budget — DOL's proposal to revise the salary level for the executive, administrative and professional, and highly compensated employee exemptions adopted in the Obama Administration's 2016 final rule. That rule — which never took effect due to a federal judge's ruling in late 2016 — would have resulted in far more employees being treated as hourly earners subject to federal overtime and minimum wage requirements had the rule gone into effect. ABA and its member banks have been heavily engaged in advocating for revisions to the 2016 final rule.