March 14, 2024

Burlison’s Overtime Flexibility Bill Garners Widespread Support

Missouri Congressman Eric Burlison is sponsoring legislation that has garnered widespread support from national, state and local industry trade associations.

The Overtime Pay Flexibility Act would prohibit the U.S. Department of Labor from finalizing its proposed rule to significantly increase the number of employees who are subject to the Fair Labor Standards Act’s overtime and minimum wage requirements.

Under the DOL proposal, employees who earn up to $60,209 would be subject to federal overtime and minimum wage requirements. Current regulations set the salary level at $35,568 annually. Above that level, an employee may be exempted from federal overtime and minimum wage requirements if the employee performs certain duties. The proposal also would require DOL to automatically update the salary level every three years. In addition, it would increase, to $143,988, the amount of income an employee must receive to be classified as a “highly compensated employee.”

“We commend Rep. Burlison for his efforts to prevent implementation of a rule that would have serious consequences for millions of Americans and create additional economic headwinds for communities across the state of Missouri,” said MBA President and CEO Jackson Hataway.

MBA members will have the opportunity to thank Burlison and discuss this legislation, along with other banking concerns, next week during the American Bankers Association’s Washington Summit.

ABA recently joined more than 100 trade associations in expressing their support for Burlison’s legislation. In their letter to U.S. House members, the associations said that the proposal, if finalized, would lead to the reclassification of millions of employees from salaried to hourly, resulting in the loss of flexible work arrangements and other benefits currently available to salaried employees.

Banking Leadership Missouri Goes to Washington

Next week, 12 members of MBA’s Banking Leadership Missouri class will travel to Washington, D.C., to meet with their U.S. senators and representatives during the American Bankers Association’s Washington Summit. They are the first class of Banking Leadership Missouri to receive stipends from The Max & Cindy Cook Endowment for Advocacy and Leadership Training.

Cook, who retired in summer 2023 from MBA, was the sixth individual to lead MBA.

“Max prioritized advocacy and leadership development for the next generation of bank leaders throughout his career with MBA,” said MBA President and CEO Jackson Hataway. “He knew that for the banking community to remain strong and steadfast, it needed individuals who also have a passion for community banking.”

Hataway added that passion is critical to ensure a strong, vibrant banking presence across Missouri and the nation. He encourages bankers with enthusiasm and drive to apply for the 2024-25 class of Banking Leadership Missouri. Applications are due Friday, May 3.

Fintech Showcase Highlights Newest Offerings For Banks

MBA is excited to host its first Fintech Showcase during its Operations, Security, Technology Conference scheduled April 10-12 in Osage Beach. This is a great opportunity for companies to highlight their fintech products and services to key decision makers from banks throughout Missouri. During dedicated time at the conference, fintech firms can showcase their solutions for digital banking, AI, security and much more. 

MBA is accepting applications to consider for the showcase. Banks working with fintech firms should contact MBA Senior Vice President Cheri Messerli. Firms should submit completed application forms by Friday, March 22. Additional details are posted online. 

MBA Accepting 50 Year Club Nominations

The 50 Year Club honors those bankers who have dedicated 50 years of service to the banking industry. The Missouri Bankers Foundation will recognize these individuals at a luncheon during MBA’s 134th Annual Convention scheduled June 4-6 in Branson.

Any Missouri banker who will have attained at least 50 years or more of credited service anytime during the current year is eligible for nomination. This person may have been a director, officer or employee of a Missouri bank, bank holding company or bank holding company subsidiary whose principal purpose is to supply bank-related services. Eligibility is subject to the following conditions.

• U.S. military service counts in the 50-year span if nominee was in banking before and after the time spent in military service.
• Years of banking service rendered in other states may be credited.
• Bank membership in MBA must be current.
• The 50-Year Club Award may be presented posthumously if the candidate had qualified for the award prior to death.

For more information, please contact MBA Director of Member Services Melissa Hart.