Department of Labor Releases Overtime Proposal Rule
The U.S. Department of Labor (DOL) announced a proposed rule that would increase the number of employees covered by the Fair Labor Standards Act's overtime and minimum wage requirements. Under the proposal, employees earning up to $1,059 per week, equivalent to $55,068 annually, would automatically be subject to those requirements. This represents a significant increase from the 2019 regulations, which set the salary threshold at $684 per week or $35,568 annually.
In addition, the proposed rule would increase the amount of income an employee must receive to be classified as a "highly compensated employee" to $143,988 annually. The proposed rule would also require the DOL to update the salary level and HCE threshold every three years.
Read the Proposed Rule
FDIC Introduces Banker Engagement Site
Later this month, the Federal Deposit Insurance Corporation (FDIC) will launch a Banker Engagement Site for consumer compliance and Community Reinvestment Act exams. The site will be accessible through the FDIConnect portal and give bank staff the ability to communicate with FDIC examination staff.
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SBA Announces 7(a) Fees for Fiscal Year 2024
The Small Business Administration (SBA) announced an updated Lender's Annual Services Fee and SBA Guaranty Fee for 7(a) loan program loans approved Oct. 1, 2023, through Sept. 20, 2024.
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