Comments on overtime pay, EGRPRA review due in Sept.

August 31, 2015

WASHINGTON (8/31/15)--Comments on proposals from the National Credit Union Administration, U.S. Department of Labor (DOL), Treasury and Federal Financial Institutions Examination Council (FFIEC) are due in September.

In addition, credit unions still have through the end of today to comment on the NCUA’s member business lending proposal.

Comment deadlines in September include:

  • Sept. 4: DOL proposal to update rules concerning overtime pay. The DOL would update and revise regulations implementing minimum wage and overtime pay exemptions for executive, administrative, professional, outside sales and computer employees. The proposal would set the standard salary level at the 40th percentile of weekly earnings for the full-time salaried level; increase the total annual compensation requirement to exempt highly compensated employees; and establish a mechanism for automatically updating salary and compensation levels going forward;
  • Sept. 21: FFIEC request for comment regarding its Cybersecurity Assessment Tool, which was released in June. Specifically, the council is seeking information on the reporting burden associated with the assessment, and CUNA is seeking any questions, comments, or concerns related to the assessment. Comments are due to CUNA by Sept. 9;
  • Sept. 22: NCUA regulatory review, as required by the Economic Growth and Regulatory Paperwork Reduction Act. The NCUA is requesting comment on regulations on corporate credit unions, loans and lines of credit to officials, reimbursement, insurance, and indemnification of officials and employees, retirement benefits for employees, management officials interlock, fidelity bond and insurance coverage and others. Comments can also be sent to CUNA through Sept. 8; and
  • Sept. 30: Treasury request for comment on online marketplace lending. The Treasury defines online marketplace lending as entities that use investment capital and data-driven online platforms to lend. It seeks comments on the various business models and products; the potential of online lending to expand credit access; and how the financial regulatory framework should evolve to support the growth of this industry.