Federal court litigation may challenge implementation of the new rule. We can also anticipate congressional activity under the Congressional Review Act, where legislation can nullify some agency regulation. But with any relief uncertain, financial institutions will need to evaluate application of the new rules, plan for necessary classification and compensation changes, and consider alternative compliance approaches available under the FLSA.

This session will brief attendees regarding the final regulation terms which specifically impact financial institutions positions and practices. We will describe the range of compliance options and considerations to weigh when evaluating those options. The most commonly impacted position will be identified. Finally, as the new regulations are an opportunity to confirm exempt status of current positions in accordance with the exemption “duties” tests, we will update attendees regarding these standards.