 |
Joseph T. Porter Jr.
Practice Area Chair
Kenneth H. Suelthaus
To learn more
about our Banking and Financial Institutions
practice,
or
for a
complete listing of our
Banking attorneys,
click here.
W. Terrence Kilroy
Practice Area Chair
Anthony J. Romano
Practice Area Vice-Chair
Robert J. Hingula
To learn more
about our Labor and Employment
practice,
or
for a complete listing
of our Labor
attorneys,
click here.
www.polsinelli.com
|
 |
|
| |
April 2010 |
| |
A Special Banking and Financial Institutions Alert: |
Exempt Status of Mortgage Loan Officers
|
| |
On March 24, 2010, the United States Department of Labor (“DOL”) withdrew two prior opinion letters regarding the exempt status of mortgage loan officers under the administrative exemption, and announced that the DOL no longer considers mortgage loan officers as bona fide administrative employees under 29 U.S.C. § 213(a)(1) of the Fair Labor Standards Act (“FLSA”), thus making them non-exempt employees entitled to overtime.
The DOL’s abrupt change in position on this issue will significantly impact mortgage lenders, financial institutions, and other employers in the financial service sector that have relied upon the DOL’s prior determinations regarding the application of the administrative exemption to mortgage loan officers.
The FLSA requires covered employers to pay employees overtime at a rate of one and a half times the employee’s regular rate of pay for all hours worked in excess of 40 hours per week. However, this requirement is subject to a number of exceptions including exemptions for white collar executive, administrative, and professional employees.
[ Read entire article ]
For More Information
For more information on how these changes may impact you or your organization, contact:
|
| |
|
Polsinelli Shughart | In the News |
Headlines and Bylines from polsinelli.com |
| |
|
|
|
|
About Polsinelli Shughart PC
With more than 490 attorneys, Polsinelli Shughart PC is a national law firm that is a recognized leader in the areas of business litigation, financial services, bankruptcy, real estate, business law, labor and employment, construction, life sciences and health care. Serving corporate, institutional and individual clients regionally, nationally and worldwide, Polsinelli Shughart is known for successfully applying forward-thinking strategies for both straightforward and complex legal matters. The firm can be found online at www.polsinelli.com. |
| |
|
 |
