White Collar Exemption Regulations; Public Listening Session, 49869-49870 [2018-21521]

Download as PDF daltland on DSKBBV9HB2PROD with PROPOSALS Federal Register / Vol. 83, No. 192 / Wednesday, October 3, 2018 / Proposed Rules (2) The transaction is complex, involves a residential real estate transaction, $250,000 or more of the transaction value is not insured or guaranteed by a United States government agency or United States government sponsored agency, and the transaction does not meet the criteria in paragraph (f) of this section. (3) A credit union is not required to obtain an appraisal under this paragraph (b) if the United States government agency, or United States government sponsored agency, obtains an appraisal by a state-certified appraiser. (c) Real estate-related financial transactions requiring an appraisal by either a state-certified or state-licensed appraiser. An appraisal performed by a state-certified appraiser or a state licensed appraiser is required for any real estate-related financial transaction not exempt under paragraph (a) of this section in which: (1) The transaction is not complex, involves a residential real estate transaction, $250,000 or more of the transaction value is not insured or guaranteed by a United States government agency or United States government sponsored agency, and the transaction does not meet the criteria in paragraph (f) of this section. (2) If, during the course of an appraisal of a residential real estate transaction performed by a statelicensed appraiser, factors are identified that result in the transaction meeting the definition of complex, then the credit union may either: (i) Ask the state-licensed appraiser to complete the appraisal and have a statecertified appraiser approve and cosign the appraisal; or (ii) Engage a state-certified appraiser to complete the appraisal. (3) A credit union is not required to obtain an appraisal under this paragraph if the United States government agency, or United States government sponsored agency, obtains an appraisal. (d) Real estate-related financial transactions requiring a written estimate of market value. Unless fully insured or guaranteed by a United States government agency or United States government sponsored agency, exempt under paragraph (a) of this section, or an appraisal performed by a state-certified or state-licensed appraiser was obtained, any real estate-related financial transaction must be supported by a written estimate of market value that was performed by an individual: (1) Independent of the loan production and collection processes (if independence cannot be achieved, the credit union must be able to demonstrate clearly that it has prudent VerDate Sep<11>2014 17:23 Oct 02, 2018 Jkt 247001 safeguards to isolate its collateral valuation program from influence or interference from the loan production process and collection process); (2) Having no direct, indirect, or prospective interest, financial or otherwise, in the property or the transaction; and (3) Qualified and experienced to perform such estimates of value for the type and amount of credit being considered. (e) Appraisals to address safety and soundness concerns. The NCUA reserves the right to require an appraisal under this subpart whenever the agency believes it is necessary to address safety and soundness concerns. (f) Exemption from appraisals of real estate located in rural areas. (1) Notwithstanding any other provision of law, an appraisal in connection with a federally related transaction involving real estate or an interest in real estate is not required if: (i) The real estate or interest in real estate is located in a rural area, as described in 12 CFR 1026.35(b)(2)(iv)(A); (ii) The transaction value is less than $400,000; (iii) Any party involved in the transaction that meets the definition of mortgage originator must be subject to oversight by a Federal financial institutions regulatory agency; and (iv) Not later than three days after the date on which the Closing Disclosure Form, made in accordance with 12 CFR parts 1024 and 1026, relating to the federally related transaction is given to the consumer, the credit union (or other party involved in the transaction that acts as the mortgage originator) or its agent, directly or indirectly: (A) Has contacted not fewer than three state-certified appraisers or statelicensed appraisers, as applicable, on the credit union’s (or other party involved in the transaction that acts as the mortgage originator) approved appraiser list in the market area in accordance with 12 CFR part 226; and (B) Has documented that no statecertified appraiser or state-licensed appraiser, as applicable, was available within five business days beyond customary and reasonable fee and timeliness standards for comparable appraisal assignments, as documented by the credit union (or other party involved in the transaction that acts as the mortgage originator) or its agent. (2) A credit union (or other party involved in the transaction that acts as the mortgage originator) that makes a loan without an appraisal under the terms of paragraph (f)(1) of this section PO 00000 Frm 00013 Fmt 4702 Sfmt 4702 49869 shall not sell, assign, or otherwise transfer legal title to the loan unless: (i) The loan is sold, assigned, or otherwise transferred to another party by reason of the credit union’s (or mortgage originator’s) bankruptcy or insolvency; (ii) The loan is sold, assigned, or otherwise transferred to another party regulated by a Federal financial institutions regulatory agency, so long as the loan is retained in portfolio by the other party; (iii) The sale, assignment, or transfer is pursuant to a merger of the credit union (or mortgage originator) with another party or the acquisition of the credit union (or mortgage originator) by another party or of another party by the credit union (or mortgage originator); or (iv) The sale, loan, or transfer is to a wholly owned subsidiary of the credit union (or mortgage originator), provided that, after the sale, assignment, or transfer, the loan is considered to be an asset of the credit union (or mortgage originator) under generally accepted accounting principles. (3)(i) For purposes of this paragraph (f), the term transaction value means the amount of a loan or extension of credit, including a loan or extension of credit that is part of a pool of loans or extensions of credit; and (ii) The term mortgage originator has the meaning given the term in section 103 of the Truth in Lending Act (15 U.S.C. 1602). (4) This paragraph (f) does not apply if: (i) The NCUA requires an appraisal under paragraph (e) of this section; or (ii) The loan is a high-cost mortgage, as defined in section 103 of the Truth in Lending Act (15 U.S.C. 1602). [FR Doc. 2018–20946 Filed 10–2–18; 8:45 am] BILLING CODE 7535–01–P DEPARTMENT OF LABOR Wage and Hour Division 29 CFR Part 541 White Collar Exemption Regulations; Public Listening Session Wage and Hour Division, Department of Labor. ACTION: Notice of public listening session. AGENCY: The Department of Labor will conduct a public listening session to gather views on the Part 541 white collar exemption regulations. The Fair Labor Standards Act (FLSA) generally requires covered employers to pay their SUMMARY: E:\FR\FM\03OCP1.SGM 03OCP1 49870 Federal Register / Vol. 83, No. 192 / Wednesday, October 3, 2018 / Proposed Rules employees at least the federal minimum wage (currently $7.25 an hour) for all hours worked, and overtime premium pay of not less than one and one-half times the employee’s regular rate of pay for any hours worked over 40 in a workweek. The FLSA exempts from both minimum wage and overtime protection ‘‘any employee employed in a bona fide executive, administrative, or professional capacity’’ and delegates to the Secretary of Labor the power to define and delimit these terms through regulation. DATES: The date, location, and time for the public listening session is listed below: October 17, 2018, Washington, DC, 10 a.m.–12 p.m. Members of the public may attend this listening session in person up to the seating capacity of the room. The Department will not attempt to achieve a consensus view in this listening session, but rather is interested in hearing the views and ideas of participants. To obtain specific location details and register to attend, please visit this link: https:// www.eventbrite.com/e/overtime-rulelistening-session-tickets-50661020476. FOR FURTHER INFORMATION CONTACT: Stephen Davis, Listening Session Coordinator, Division of Regulations, Legislation, and Interpretation, Wage and Hour Division, U.S. Department of Labor, Room S–3502, 200 Constitution Avenue NW, Washington, DC 20210; telephone: (202) 693–0406 (this is not a toll-free number). Copies of this notice may be obtained in alternative formats (Large Print, Braille, Audio Tape, or Disc), upon request, by calling (202) 693–0023 (not a toll-free number). TTY/ TTD callers may dial toll-free (877) 889– 5627 to obtain information or request materials in alternative formats. SUPPLEMENTARY INFORMATION: On July 26, 2017, the Department of Labor published a Request for Information (RFI), Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees. See 82 FR 34616. The RFI was one opportunity for the public to provide information to aid the Department in formulating a proposal to revise the white collar exemption regulations. Public listening sessions provide further opportunity for the public to provide input on issues related to the salary level test, such as: 1. What is the appropriate salary level (or range of salary levels) above which the overtime exemptions for bona fide executive, administrative, or daltland on DSKBBV9HB2PROD with PROPOSALS ADDRESSES: VerDate Sep<11>2014 17:23 Oct 02, 2018 Jkt 247001 professional employees may apply? Why? 2. What benefits and costs to employees and employers might accompany an increased salary level? How would an increased salary level affect real wages (e.g., increasing overtime pay for employees whose current salaries are below a new level but above the current threshold)? Could an increased salary level reduce litigation costs by reducing the number of employees whose exemption status is unclear? Could this additional certainty produce other benefits for employees and employers? 3. What is the best methodology to determine an updated salary level? Should the update derive from wage growth, cost-of-living increases, actual wages paid to employees, or some other measure? 4. Should the Department more regularly update the standard salary level and the total-annual-compensation level for highly compensated employees? If so, how should these updates be made? How frequently should updates occur? What benefits, if any, could result from more frequent updates? Dated: September 28, 2018. Robert Waterman, Senior Compliance Specialist, Division of Regulations, Legislation and Interpretation. [FR Doc. 2018–21521 Filed 10–2–18; 8:45 am] BILLING CODE 4510–27–P 40 CFR Part 52 [EPA–R09–OAR–2018–0559; FRL–9984– 80—Region 9] Air Plan Approval; California; Feather River Air Quality Management District Environmental Protection Agency (EPA). ACTION: Proposed rule. AGENCY: The Environmental Protection Agency (EPA) is proposing to approve a revision to the Feather River Air Quality Management District (FRAQMD) portion of the California State Implementation Plan (SIP). This revision concerns emissions of oxides of nitrogen (NOX) from natural gas-fired water heaters, small boilers, and process heaters. We are proposing to approve a local rule to regulate these emission sources under the Clean Air Act (CAA or the Act). We are taking comments on this proposal and plan to follow with a final action. SUMMARY: Frm 00014 Fmt 4702 Submit your comments, identified by Docket ID No. EPA–R09– OAR–2018–0559, at https:// www.regulations.gov. For comments submitted at Regulations.gov, follow the online instructions for submitting comments. Once submitted, comments cannot be edited or removed from Regulations.gov. The EPA may publish any comment received to its public docket. Do not submit electronically any information you consider to be Confidential Business Information (CBI) or other information whose disclosure is restricted by statute. Multimedia submissions (audio, video, etc.) must be accompanied by a written comment. The written comment is considered the official comment and should include discussion of all points you wish to make. The EPA will generally not consider comments or comment contents located outside of the primary submission (i.e. on the web, cloud, or other file sharing system). For additional submission methods, please contact the person identified in the FOR FURTHER INFORMATION CONTACT section. For the full EPA public comment policy, information about CBI or multimedia submissions, and general guidance on making effective comments, please visit http://www.epa.gov/dockets/ commenting-epa-dockets. ADDRESSES: FOR FURTHER INFORMATION CONTACT: ENVIRONMENTAL PROTECTION AGENCY PO 00000 Any comments must arrive by November 2, 2018. DATES: Sfmt 4702 Robert Schwartz, EPA Region IX, (415) 972–3286, schwartz.robert@epa.gov. SUPPLEMENTARY INFORMATION: Throughout this document, ‘‘we,’’ ‘‘us’’ and ‘‘our’’ refer to the EPA. Table of Contents I. The State’s Submittal A. What rule did the State submit? B. Are there other versions of this rule? C. What is the purpose of the submitted rule? II. The EPA’s Evaluation and Action A. How is the EPA evaluating the rule? B. Does the rule meet the evaluation criteria? C. EPA Recommendations To Further Improve the Rule D. Public comment and proposed action III. Incorporation by Reference IV. Statutory and Executive Order Reviews I. The State’s Submittal A. What rule did the State submit? Table 1 lists the rule addressed by this proposal with the dates that it was adopted by the local air agency and submitted by the California Air Resources Board (CARB). E:\FR\FM\03OCP1.SGM 03OCP1

Agencies

[Federal Register Volume 83, Number 192 (Wednesday, October 3, 2018)]
[Proposed Rules]
[Pages 49869-49870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-21521]


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DEPARTMENT OF LABOR

Wage and Hour Division

29 CFR Part 541


White Collar Exemption Regulations; Public Listening Session

AGENCY: Wage and Hour Division, Department of Labor.

ACTION: Notice of public listening session.

-----------------------------------------------------------------------

SUMMARY: The Department of Labor will conduct a public listening 
session to gather views on the Part 541 white collar exemption 
regulations. The Fair Labor Standards Act (FLSA) generally requires 
covered employers to pay their

[[Page 49870]]

employees at least the federal minimum wage (currently $7.25 an hour) 
for all hours worked, and overtime premium pay of not less than one and 
one-half times the employee's regular rate of pay for any hours worked 
over 40 in a workweek. The FLSA exempts from both minimum wage and 
overtime protection ``any employee employed in a bona fide executive, 
administrative, or professional capacity'' and delegates to the 
Secretary of Labor the power to define and delimit these terms through 
regulation.

DATES: The date, location, and time for the public listening session is 
listed below: October 17, 2018, Washington, DC, 10 a.m.-12 p.m.
    Members of the public may attend this listening session in person 
up to the seating capacity of the room. The Department will not attempt 
to achieve a consensus view in this listening session, but rather is 
interested in hearing the views and ideas of participants.

ADDRESSES: To obtain specific location details and register to attend, 
please visit this link: https://www.eventbrite.com/e/overtime-rule-listening-session-tickets-50661020476.

FOR FURTHER INFORMATION CONTACT: Stephen Davis, Listening Session 
Coordinator, Division of Regulations, Legislation, and Interpretation, 
Wage and Hour Division, U.S. Department of Labor, Room S-3502, 200 
Constitution Avenue NW, Washington, DC 20210; telephone: (202) 693-0406 
(this is not a toll-free number). Copies of this notice may be obtained 
in alternative formats (Large Print, Braille, Audio Tape, or Disc), 
upon request, by calling (202) 693-0023 (not a toll-free number). TTY/
TTD callers may dial toll-free (877) 889-5627 to obtain information or 
request materials in alternative formats.

SUPPLEMENTARY INFORMATION: On July 26, 2017, the Department of Labor 
published a Request for Information (RFI), Defining and Delimiting the 
Exemptions for Executive, Administrative, Professional, Outside Sales 
and Computer Employees. See 82 FR 34616. The RFI was one opportunity 
for the public to provide information to aid the Department in 
formulating a proposal to revise the white collar exemption 
regulations. Public listening sessions provide further opportunity for 
the public to provide input on issues related to the salary level test, 
such as:
    1. What is the appropriate salary level (or range of salary levels) 
above which the overtime exemptions for bona fide executive, 
administrative, or professional employees may apply? Why?
    2. What benefits and costs to employees and employers might 
accompany an increased salary level? How would an increased salary 
level affect real wages (e.g., increasing overtime pay for employees 
whose current salaries are below a new level but above the current 
threshold)? Could an increased salary level reduce litigation costs by 
reducing the number of employees whose exemption status is unclear? 
Could this additional certainty produce other benefits for employees 
and employers?
    3. What is the best methodology to determine an updated salary 
level? Should the update derive from wage growth, cost-of-living 
increases, actual wages paid to employees, or some other measure?
    4. Should the Department more regularly update the standard salary 
level and the total-annual-compensation level for highly compensated 
employees? If so, how should these updates be made? How frequently 
should updates occur? What benefits, if any, could result from more 
frequent updates?

    Dated: September 28, 2018.
Robert Waterman,
Senior Compliance Specialist, Division of Regulations, Legislation and 
Interpretation.
[FR Doc. 2018-21521 Filed 10-2-18; 8:45 am]
BILLING CODE 4510-27-P