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The Department of Labor's (DOL) overtime rule should be revised with more flexibility and reasonable benchmarks to ensure the credit union industry isn't harmed by the rule, NAFCU Regulatory Affairs Counsel Ann Kossachev wrote in an official comment letter to the department Monday.

The letter is in response to the DOL's request for information on how it could revise and improve regulations related to minimum wage and overtime pay requirements under the Fair Labor Standards Act.

Kossachev said the 2016 overtime rule "would have posed risks to the stability and growth of credit unions nationwide." Kossachev urged the DOL to consider geographical differences in salary instead of approaching the issue with a one-size-fits-all strategy.

She also highlighted the career training and growth opportunities credit unions offer their employees, suggesting that the DOL provide exemptions within the overtime rule for such expenses. Alternatively, Kossachev requested that the DOL consider a different salary designation for full-time employees at not-for-profit institutions such as credit unions.

Kossachev outlined the association's opposition to the indexing of the salary threshold. She encouraged the DOL to review the salary level periodically through notice-and-comment rulemaking to get input from affected parties, such as credit unions, so the department understands the effects possible increases may have on institutions.

As the final overtime rule was set to take effect Dec. 1, 2016, many credit unions had already prepared and made changes to comply with the rule. Kossachev said NAFCU appreciates the DOL's reconsideration of the rule, which would have hurt many credit unions, but she urged the department to take a measured, thoughtful approach to the new rulemaking to protect against credit unions spending finite resources on unnecessary changes.