Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Author: Scarinci Hollenbeck, LLC
Date: July 28, 2015
The Firm
201-896-4100 info@sh-law.comThe proposed employment regulations would impact approximately 13,000 New York businesses that pay wages to approximately 200,000 workers via payroll debit cards.
Across the country, an estimated 5.8 million workers received their wages via payroll debit cards in 2013, and that number is expected to double by 2017. Payroll debit cards, which serve as an alternative to direct deposit and traditional paper checks, provide benefits for employers and workers. For businesses, they generally cost significantly less. According to Visa, a payroll card deposit costs an employer $0.35 compared to $2.00 to issue a paper check. Many workers prefer pre-paid debit cards because their wages are available electronically on the same day that they are paid and can be used like a traditional debit card to make purchases, secure hotel and car rentals, pay bills, etc.
However, as highlighted in a 2014 report by the New York State Attorney General, payroll cards can also have downsides. According to New York Attorney General Eric Schneiderman, “Virtually all payroll card programs charge fees for card-related activities, and these fees can add up, reducing the meager take-home pay received by the lowest paid workers in the state.”
The NYSDOL’s proposed regulations address many of the concerns discussed in the Attorney General’s report. Below are several key provisions of the proposed payroll card rules:
The proposed payroll card regulations are slated to take effect following a notice and comment period, which ends on July 31, 2015.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
The bankruptcy legal landscape presents both challenges and opportunities for businesses navigating financial distress. Understanding current bankruptcy trends can help businesses make more informed and strategic decisions. Corporate Bankruptcy Filings Trending Upwards Bankruptcy filings continued to trend upwards in 2024. According to statistics released by the Administrative Office of the U.S. Courts, personal and business […]
Author: Brian D. Spector
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Author: Kenneth C. Oh
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
Author: Matthew F. Mimnaugh
If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]
Author: Jesse M. Dimitro
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!