Compliance Blog

Here are a few items that caught my eye.

Mortgage loan officers and "wage and hour" laws.  File this one under "don't shoot the messenger."  The Department of Labor recently issued an administrator's interpretation indicating that the "typical" mortgage loan officer does not qualify for the "administrative exemption" under the Fair Labor Standard Act's rules.  In other words, the DOL does not view them as exempt.  In other words, they should get overtime.  The interpretation admitted that the term "mortgage loan officer" does refer to a variety of jobs, so the the guidance lays out what it considers to be the typical mortgage loan officer position.  You'll want to have your HR people review the guidance document to ensure that you've categorized your employees properly.  (Keep in mind that we're not employment law experts here at NAFCU.  We're just passing this along, as it is directly related to our industry.)

Supplemental capital.  NCUA Boardmember Gigi Hyland announced the release of a supplemental capital white paper.  The link will take you to the presser, which provides a general overview of the paper's conclusions. 

NCUA regulations.  NCUA has a nice document that contains all of its regulations.  But NCUA doesn't update that document very often.  That's why a good source is the GPO online Code of Federal Regulations, which includes an up-to-date electronic version of NCUA's regulations.