Our members believe that DoL’s increase to the salary threshold in the first year is simply too much too soon. This drastic increase will present significant challenges for our members that provide banking services in lower cost-of-living areas of the country, particularly community banks.
Under Schrader’s bill, the overtime threshold would rise over three years, with the first increase reaching $35,984 in December 2016. It would also stop the final rule’s automatic salary threshold increases. ABA continues to support the separate Protecting Workplace Advancement and Opportunity Act, which would require DoL to fully examine the rule’s impact before implementing the final rule, and urges all bankers to send letters to Congress in support.
Read the letter.
Take grassroots action.