The Department of Labor has sent a request for information (RFI) to the Office of Management and Budget concerning the overtime rule that was finalized in 2016. CUNA has previously shared concerns with the rule, which is the subject of a nationwide injunction delaying implementation in late 2016 by a federal judge in Texas.
The DOL filed a brief last week asking the court not to invalidate its ability to use salary levels to determine qualification for overtime, saying it “intends to revisit [the set salary level] through new rulemaking.”
The DOL’s rule, finalized in May 2016, would raise the threshold for eligibility for overtime pay to more than twice the current rate, moving the cut-off to $47,476, up from the current $23,660. It was scheduled to take effect Dec. 1, 2016.
CUNA supported the delay, and remains engaged in litigation surrounding the rule. CUNA is concerned that the threshold change will magnify the regulatory burdens and constraints credit unions already face.
CUNA plans to review and comment on the RFI once it is published in the Federal Register, which is expected in the coming days.
Addition details on the delay can be found on CUNA’s Removing Barriers Blog.