The most important proposal of the year

December 18, 2020 0 Comments

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Henry MeierThe most important proposal of the year has nothing to do with Risk-Based Capital or Field of Membership.  It has nothing to do with overdraft fees or payday loans.  In fact, it hasn’t even been released yet for comment.  Nevertheless, your fearless blogger is going to go out on a limb and tell you that the most important regulatory proposal you will be confronted with this year is one that is expected to be issued by the Department of Labor this summer.What I am referring to is the release of regulations redefining what constitutes an exempt or non-exempt employee under the federal Fair Labor Standards Act (FLSA).  At the very least the regulations could impact the operation of your credit union; in a worst case scenario it will be another one of those unfunded government mandates.Under the FLSA, employees are entitled to a minimum wage and to at least time and one-half overtime pay for every hour they work over 40 hours per week.  As many of you are aware, however, so-called exempt employees are not entitled to overtime.  As a gross over-simplification, an exempt employee is generally defined as someone whose duties involve supervising or exercising independent judgment. continue reading »last_img read more