Legal Blog

Compensation and Compliance Matters: Clarifying the Department of Labor’s Loan Officer Ruling

The U.S. Supreme Court recently reversed the D.C. Circuit court decision that had determined that the process by which the 2010 opinion letter on the exempt status of loan officers was adopted was incorrect. The Supreme Court upheld the 2010 opinion letter, in which the DOL determined that loan officers were not exempt administrative employees and were therefore subject to overtime, minimum wage and timekeeping rules under the Fair Labor Standards Act. Click here to read the entire article on National Mortgage News. akaren@offitkurman.com  | 240.507.1740 Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide. Mr. Karen’s practice is diverse, representing clients on matters concerning banking regulations, Dodd Frank financial reform laws, contractual disputes, employment and labor statutes, wage-hour class actions, employment discrimination and fair lending matters, whistleblower complaints and non-competition claims, among others. You can also connect with Offit Kurman via FacebookTwitterGoogle+YouTube, and LinkedIn. WASHINGTON | BALTIMORE | FREDERICK | PHILADELPHIA | WILMINGTON | VIRGINIA