Bankers Urge DC Circ. To Reverse Loan Officers' OT Eligibility

Law360, New York (February 11, 2013, 8:39 PM EST) -- A banking industry group on Friday urged the D.C. Circuit to overturn a ruling that upheld the U.S. Department of Labor's reclassification of mortgage loan officers as eligible for overtime pay, saying the the change should have come only after a notice-and-comment period.

The Mortgage Bankers Association is appealing a Washington federal court's determination that the DOL complied with the Administrative Procedures Act when it flipped its position on mortgage loan officers' overtime status in 2010 through an administrative interpretation that withdrew a Bush-era opinion letter...
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