Supreme Court to Consider Case Involving Regulators’ Powers

The case Perez v. Mortgage Bankers Association involves the issue of whether loan officers must be paid overtime. Thomas Perez is the Secretary of Labor and his agency’s opinion letter stated that mortgage loan officers are non-exempt employees under their interpretation of the Fair Labor Standards Act. The Mortgage Bankers Association sued, claiming this change in interpretation required a notice and comment period before it could become effective. [10/15/14]