2010 Department of Labor Ruling Shows Up in CFPB Final Rule

The official commentary in a new final rule from the CFPB includes hourly pay among the “permissible methods of compensation” for MLOs, meaning credit unions will have to examine their loan officers’ primary duties to determine whether they qualify for minimum wage and overtime.

Rogue’s Helen Funk Adds Duties as Director of Support Services for WCMS

A Medford credit union professional takes on a unique dual role, serving both Rogue Federal Credit Union and the Western CUNA Management School.

Most Mortgage Loan Officers Must be Paid Overtime

A U.S. District judge in Washington, D.C., recently upheld the DOL administrative interpretation that says mortgage loan officers are not exempt from overtime under the Fair Labor Standards Act, a ruling that will impact many credit unions.

New Rules Present New Risks For Credit Union Directors

CUNA Mutual Group writes that the establishment of new fiduciary and financial literacy rules for directors of federally chartered credit unions, coupled with economic challenges and more litigation, has greatly increased personal risk exposure for credit union decision-makers.

NCUA: Directors Can Delegate Authority, with Limits

In a Letter to Federal Credit Unions, the National Credit Union Administration said an FCU’s board can, with some limitations, delegate to its CEO the authority to hire, fire, and compensate subordinate employees, including other management personnel.

Examining Mortgage Loan Officer Compensation

Two recent regulatory actions highlight the significance of reviewing how you compensate your Mortgage Loan Officers.

Examining Mortgage Loan Officer CompensationCopy

Two recent regulatory actions highlight the significance of reviewing how you compensate your Mortgage Loan Officers.