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5 Big New Laws that Could Affect Businesses Before Year-End

Laws change all the time, and keeping up with fundamental changes and nuances can be a headache, but below are five laws, in particular, to keep under a watchful eye.

  1. Potential repeal of ACA

Since Trump was first sworn-in, much of the government buzz concerned the Affordable Care Act. It appears as of this month; progress may have been made toward a proposal most can agree upon. Portions of the ACA may still be repealed by the time a new law is enacted.

  1. Pending changes to overtime regulations by U.S. Department of Labor (DOL)

A U.S. District Court issued an injunction against overtime regulations which would narrow exemptions and broaden mandatory overtime pay to over 4 million workers. While we wait to learn if the new overtime regulation change will become final, businesses are responding by preparing a plan accordingly to reclassify employees, and adjust wages and benefits.
At a minimum, the pending changes have provided an opportunity for companies to review wage and hour obligations to avoid DOL fines and penalties.

  1. Consumer Financial Protection Bureau (CFPB) arbitration rules

The CFPB proposes mandatory arbitration clauses for financial products that would prohibit consumers from filing class-action lawsuits against companies on the chance something goes amiss. Instead, people would need to litigate individually, an alternative with likely expenditures and outcomes that would discourage law suits.

  1. Revised financial reporting standards

Just ahead for this year and next are new federal regulations to govern the manner in which enterprise companies report assets, financial statements, and leasing activity. Though larger businesses are likely prepared for these changes, smaller businesses, too, could soon be subject to these rules. It pays to think in advance and be prepared.

  1. Credit reporting changes

Beginning this month (July 2017), millions of Americans could see an increase in their credit scores as the TransUnion, Experian, and Equifax, the three major credit agencies, drop tax liens and civil judgments from their reports. So, as of this month, if the lien or judgment fails to match three out of four criteria, it will no longer appear on the credit report.
Whatever your business, Lingo Staffing keeps abreast of changes in employment laws and practices. When you need help with finding qualified employees, Lingo Staffing is the right choice – we help you fill vacant positions with vetted and skilled workers.
About Lingo Staffing
Lingo is a full-service staffing firm dedicated to providing top quality services to its clients and its candidate pool. With extensive knowledge and experience in light industrial, administrative, and professional employment, Lingo encompasses the capabilities and resources necessary to help you get ahead.
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