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Supreme Court to Review Loan Officer Overtime Exemption

Posted on 6/17/2014

The Supreme Court yesterday agreed to hear an appeal of last year's D.C. Circuit Court of Appeals decision invalidating a Department of Labor rule that required banks to pay mortgage loan officers overtime. The Labor Department ruled in 2006 that mortgage loan officers were exempt employees, but reversed the decision in 2010, prompting the Mortgage Bankers Association to sue DOL on the basis that the government cannot "significantly revise" its "definitive interpretation" without conducting an official rulemaking with notice and comment.

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