Further CUNA analysis of the U.S. Department of Labor’s overtime rule found minor relief, but CUNA remains concerned about the increased burden on credit unions. Several CUNA-suggested changes were included, but CUNA believes credit unions, especially smaller credit unions and thosein rural and underserved areas will still face regulatory burdens as a result of the rule.
Compliance with the rule is required by Dec. 1.
CUNA’s advocacy efforts on this rule includes writing to both the DOL and NCUA to seek relief for credit unions who we believe are disproportionately impacted by this rule. CUNA also shared concerns with the Small Business Administration’s Office of Advocacy, and supported legislation and sent letters to Congress seeking reforms to this rule.
CUNA suggested changes to the rule include:
While the DOL made some changes to the salary threshold, it is still approximately twice the previous threshold, and today’s final rule will sweep in a large number of credit union employees.
CUNA is currently fully analyzing the final rule and encourages credit unions to consult with employment attorneys to determine how to best comply.
A detailed initial analysis of the final rule is available on CUNA’s Removing Barriers Blog.