WASHINGTON (12/2/15)--The U.S. Labor Department (DOL) is now targeting a July 2016 release of the highly anticipated and contentious final rule to raise the overtime pay exemption threshold, according to the fall 2015 semiannual regulatory agenda published by the Office of Management and Budget (OMB) last week.

As previously reported in News Now, as of mid-November publications were indicating that the final rule might not materialize until late 2016. The OMB agenda helps to hone in a more specific timeframe.

The DOL is in the midst of reviewing nearly 300,000 comments received on the proposed rule, issued in June. The plan would update the Fair Labor Standards Act by more than doubling the minimum salary for the overtime exemption to $50,440 per year from $23,660.

CUNA has warned DOL that its proposal would affect a substantial portion of credit union employees, particularly at smaller credit unions and those in rural or underserved areas. CUNA is concerned that the rule, if made final, could increase credit union operational costs without adding value to members and also impede innovation.

The proposal is at the top of the DOL's list of regulatory priorities in the Obama administration's final full year.