New York regulations that were set to go into effect on March 7th have been revoked by the New York State Industrial Board of Appeals (IBA). The new regulations would have required employers to provide their employees with a written description of options for receiving pay, including direct deposit and payroll debit cards. The IBA stated that the Commissioner went beyond his “rulemaking authority and encroached upon the jurisdiction of the banking and financial services regulations”. At this time, employers do not need to be in compliance with these regulations, however employers should remain up to date on the subject. While they no longer need to take action, there is still the possibility of an appeal.
For more information, please click here.