New federal regulations that are supposed to clarify the overtime pay status of loan officers and reduce employee lawsuits went into effect Aug. 23.The Labor Department rule does not specifically exempt loan officers from overtime pay. However, the rule exempts most financial services employees from receiving overtime pay who are paid commissions and exercise "discretion and independent judgment" in performing their duties. The Mortgage Bankers Association, the National Association of Mortgage Brokers, the American Bankers Association, and other financial services groups support the first update of the overtime standards in 50 years. However, AFL-CIO members were scheduled to stage protests in several cities Monday, contending that the new regs will take overtime pay away from 6 million workers. Democratic presidential nominee John Kerry has pledged to repeal the overtime regulations if he is elected president. So far, legislative efforts to block implementation of the new regulations have failed. But litigation is still possible. "There is still a chance of a court challenge at some point, but I don't see anything on the horizon," said Erick Gustafson, the MBA's senior director of government affairs.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago