Pub. 3 2015 Issue 2

Issue 2. 2015 13 Brett Manning 206.340.2472 bmanning@fhlbdm.com Eric Jensen 206.340.2489 ejensen@fhlbdm.com It’s more than a house. IT’S A HOME. It’s more than a loan. IT’S A DREAM COME TRUE. It’s more than a customer. IT’S A COMMUNITY. We’re more than a bank. WE’RE A PARTNER THROUGH IT ALL. FIND THE SOLUTIONS. DoMore .fhlbdm.com Dep’t of Labor, WHD Administrator’s Interpretation, No. 2010-1 (March 24, 2010)). The interpretation merely states that if, regardless of title, the employee does “typical job duties of a Mortgage Loan Officer,” even if they hold the title of “officer”, they aren’t automatically exempt. However, if they are exempt by some other manner – for example, they do management activities, they could still qualify for the administrative exemption. In either case, it would be prudent to consider the hours regularly worked by your bank’s loan officers and how their compensation accounts for any instances where they work overtime, in addition to, any other duties and responsibilities handed by those employees. Should You Consider a “.Bank” Domain Name? In September of last year, the Internet Corporation for Assigned Names and Numbers (ICANN) issued an agreement that will allow for “.BANK” domain names. More recently in February, ICANN also approved “.INSUR- ANCE” domain names. The .BANK domain names were sought after by the fTLD (which is jointly managed by the American Bankers Association and the Financial Services Roundtable) to allow financial institutions to hold top-level domains which will provide for greater security requirements. Those security requirements are meant to allow for a more protected online experience for both banks and their customers. General registration for .BANK domains opens June 24, 2015. Only qualified registrants will be allowed to register for the domain name. State, regional and provincial banks that are chartered and supervised by a government regulatory authority will be able to register, as well as, national banks that are chartered and supervised by a government regu- latory authority. Information that will be necessary at registry will include: the applicant organization’s full legal name; the business name, address, phone and email; proof of being an eligible member of the banking community (e.g., charter documents); and the regulatory ID and government regulatory authority that issued its charter. If your bank has a Fed- erally Registered Trademark, however, you can register during the sunrise period to have priority access to the .BANK domain of that trademark. The Sunrise period is set to begin on May 18, 2015. Registering a trademark with the ICANN Trademark clearinghouse will cost $150 per trademark, per year. There are still some unknowns. For example, the price to register a .BANK domain will be set by the registrar and not a flat amount set by fTLD. Also, unknown, is how long the verification and approval process may take as it will obviously be determined by volume and communications with the applicant. However, the fTLD FAQs indicate that the fTLD anticipates the process only taking a matter of days (although the number of days is not listed). For more information or to see if a .BANK domain might be right for your bank, check out the fTLD website for additional informa- tion, registry requirements and the FAQs ( www.ftld.com) . n