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For Immediate Release
May 18, 2016
ABA Media Contact: Mike Townsend
(202) 663-5471
Follow us on Twitter: @ABABankers

ABA Statement on Department of Labor’s Final Overtime Rule

By Rob Nichols, ABA president and CEO

​     “If this rule were supposed to help workers, it misses the mark. It will be harmful to bank employees and the banks who employ them, and, as usual, smaller banks will be hit the hardest.  As it stands, throngs of employees across the country, especially those at small banks and branches where a handful of employees wear many hats, will face reduced opportunity and flexibility in the workplace.
     “We are disappointed that the Department of Labor has disregarded the concerns of thousands across the country, both in and out of the banking industry, who have recommended that the department conduct a comprehensive revaluation before releasing the rule, and we urge members of Congress to support the Protecting Workplace Advancement and Opportunity Act to ensure the Labor Department takes the steps necessary to get it right with a more appropriate salary threshold.”
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
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