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Survey on Department of Labor overtime proposal

Recently, three of our banker friends in Louisiana participated in a Small Business Administration roundtable discussing the recent Department of Labor proposal that will significantly expand the rules for overtime pay. As proposed, the threshold required for employees to be exempt from overtime payments will be more than doubled – to $50,440 – under the Fair Labor Standards Act.

We are trying to capture the potential impact this proposal will have on the ability of Oklahoma banks to provide financial products and services to their customers as a result of a major increase in the banks' costs of operation.

We need your help. We are looking for the number of employees in Oklahoma banks who would be affected by this proposed change. We are also trying to get our collective arms around the potential costs of overtime and the viability of smaller banks and branches.

Please! We have only had a 12 percent response rate to the survey. It will just take a few minutes to take the survey, and the information will be very helpful to us in making the case for banks.

Click here to access the survey.

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