Department of Labor Reversal on Overtime for Loan Officers: What to Consider Now

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Attorneys & Professionals

Ohio Bankers League Telephone Briefing

On March 24th, the Department of Labor reversed its position that loan officers are generally exempt from overtime under the Fair Labor Standards Act. This first interpretation from the Obama Administration Wage and Hour Division reversed prior opinion letters that mortgage loan officers can qualify for the administrative exemption from overtime. The Interpretation has serious implications for many positions in the financial services industry.

In this live briefing, Vorys partners Allen Kinzer and Nelson Cary will discuss: