A three-judge federal appeals panel has ruled that credit unions do not have to pay their mortgage loan officers overtime – at least for now.
The July 2 decision from the U.S. Court of Appeals for the District of Columbia in Mortgage Bankers Association v. Seth D. Harris, Acting Secretary of United States Department of Labor reversed a previous decision which ruled that the Department of Labor could change its determination that mortgage loan officers are not exempt, and are thus due overtime pay, without writing a new rule and putting it through the rule-making process.
The Department of Labor is free to make such a determination if it wishes, the court ruled, but if it does so it has to issue a new rule with a new comment period and other procedures.
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