News & Analysis as of

Wage and Hour Banking Sector

Sheppard Mullin Richter & Hampton LLP

Wisconsin Signs Earned Wage Access Bill into Law

On March 21, Wisconsin enacted into law Assembly Bill 574, positioning it as the third state, following Nevada and Missouri, to establish a comprehensive regulatory framework for earned wages access (EWA) services and...more

K&L Gates LLP

Silicon Valley Bank Collapse: Implications for Employers

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UPDATE: SVB depositors are expected to be able to access their deposits on 13 March, 2023. We are closely watching developments on this topic. For more information, refer to this Joint Statement by the Department of the...more

Seward & Kissel LLP

Bank Contagion Spreads, Celsius Still Sending the Wulf? Voyager Nearing End of Journey, and Info (Salary) Wars

Seward & Kissel LLP on

Crypto-friendly lender Silvergate collapses | CNBC - Silvergate, a Crypto focused lender, announced it will wind down its operations and voluntarily liquidate the bank. This announcement comes a week after Silvergate...more

Ballard Spahr LLP

SVB Fall Out – Beware of Employment Law Risks

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Companies impacted by the Silicon Valley Bank (SVB) failure may be concerned about their ability to meet immediate payroll obligations as they await funds from government regulators. Despite regulatory assurances that funds...more

Proskauer - California Employment Law

Reminder: Employer Considerations When Contemplating Delaying Payroll

On March 10, 2023, financial markets were rocked by uncertainty over the future of certain significant financial institutions. Among other concerns, bank failures raise the prospect of temporary or long-term cash flow...more

Mintz

The SVB Payroll Predicament

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Employers with SVB accounts face a serious predicament with an imminent and urgent need to make payroll. Given the potential liabilities that result from missed wage payments, there are some steps employers can take now to...more

Winthrop & Weinstine, P.A.

Relevant Considerations for Banks in Light of COVID-19

The COVID-19 virus has impacted the world in unforeseen ways, and all businesses are balancing many questions as a result of these unique times. Below is a summary of some key considerations for banks in particular, including...more

Seyfarth Shaw LLP

Class Claims Deserve More Rigorous Treatment, Third Circuit Holds

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Seyfarth Synopsis: In a recent decision, the Third Circuit Court of Appeals rebuked a Pennsylvania district court’s skeletal analysis of plaintiffs’ class action claims. Particularly, the court took issue with the district...more

BakerHostetler

Central District of California Denies Certification in Mortgage Loan Officer Case

BakerHostetler on

FLSA Conditional Certification Denied Too - The position of mortgage loan officer has been a fertile source of wage and hour claims, but a recent case from the Central District of California reflects that certification of a...more

Jones Day

Brexit and German Employment Law—A New Type of Interaction

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The Background: In an effort to benefit from Brexit, Germany is looking at ways to attract financial institutions and reduce their fears of excessive employee termination protections in Germany. The Situation: The German...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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So much for the quiet off-ramping for SoFi’s Mike Cagney. The fintech company’s board announced on Friday that Cagney is out immediately as CEO, not at the end of the year as Cagney had announced earlier in the week....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more

Ballard Spahr LLP

Federal Appeals Court Rules Mortgage Underwriters Owed Overtime for Work in Excess of 40 Hours in Workweek

Ballard Spahr LLP on

The Ninth Circuit Court of Appeals issued a decision last week holding that mortgage underwriters are not exempt from the overtime requirements of the Fair Labor Standards Act (FLSA). The July 6 decision, which furthers a...more

U.S. Equal Employment Opportunity Commission...

Federal Court Enters Judgment in Favor Of EEOC In Suit Charging Equal Pay Act Violation

Heritage Bank Violated Federal Law by Paying a Woman Less Than a Man, Federal Agency Alleged - ST. LOUIS - A Nebraska bank will pay $30,598 to a woman whom it unlawfully paid less than a man, pursuant to a federal court...more

U.S. Equal Employment Opportunity Commission...

EEOC Sues Heritage Bank For Paying Women Less Than Men

Nebraska Bank Violated Equal Pay Act, Federal Agency Charges - ST. LOUIS -- A Nebraska bank violated federal law by paying women and men unequally for jobs with the same required skill, effort, responsibility, and working...more

Seyfarth Shaw LLP

Too Personal To Proceed: Personal Bankers’ Certification Bid Bounced Again

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Seyfarth Synopsis: The Second Circuit recently upheld a district court order denying a bid for class certification by personal bankers claiming their managers refused to approve timesheets with overtime hours, shaved...more

Lewitt Hackman

Whacky Employment Claims: Who's Whackier? Management or the Employee?

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As employment defense attorneys, we see many strange situations arise in the workplace. The question is, how prepared are you as an employer to handle the wackiness that may potentially arise when your employees make...more

Alston & Bird

Class Action Roundup: Winter 2016

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Where the (Class) Action Is - This issue of Roundup wraps up 2015 with another slate of interesting cases spanning industries and subject matter. The running theme of ascertainability is now stretching into antitrust...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 2.8.16

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Friday’s jobs report was disappointing as compared to the month earlier, but it contained news of a half a percentage point increase in average hourly earnings that pleased some economists who have been worrying about...more

FordHarrison

Georgia Wage Garnishments Resume after Revised Order

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Nearly one month after Federal Judge Marvin Shoob, of the United States District Court for the Northern District of Georgia, ruled that Georgia's garnishment law is unconstitutional, on Monday, October 5, 2015, Judge Shoob...more

Baker Donelson

Financial Services Industry: Be Aware of Proposed White Collar Overtime Regulations

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The financial services area received a defeat earlier this year when the United States Supreme Court in March upheld the Department of Labor's (DOL) Administrative Interpretation concluding that mortgage loan officers do not...more

Parker Poe Adams & Bernstein LLP

Supreme Court to Review Cases Involving Overtime Exemption for Mortgage Loan Officers

On Monday, the U.S. Supreme Court accepted review of two lower court decisions of significant importance to the banking and financial services industries. The cases involve the question of whether mortgage loan officers are...more

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