Whether certain loan officers are exempt from minimum wage and overtime compensation is an argument that is officially entering into its sixth year, with little hope of an agreement emerging any time soon. The 6th Circuit U.S. Court of Appeals concluded on March 2 that underwriters are engaged in the general management or operations of a business, and are thus exempt from minimum wage and overtime pay, in accordance with Fair Labor Standards Act guidance issued in 2006. This disagrees with a 2nd Circuit decision from 2013, ruling that the production of loans is an integral part of underwriters’ jobs, and creates a “circuit split.”
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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.
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