A recent federal case, Pfeffer v. Bank of America, sheds light on a widespread problem in the financial industry—loan officers working long hours without overtime pay.

While this lawsuit specifically involves Bank of America, the issues raised are common throughout the banking industry. Loan officers at many banks are classified as exempt, paid on a salary or commission-only basis, and routinely work well over 40 hours per week without receiving overtime pay.

Court Certifies Nationwide Collective Action for Loan Officers

In Pfeffer, the court conditionally certified a nationwide FLSA collective action, allowing other employees with similar roles to join the lawsuit. The collective includes individuals employed on or after November 30, 2020, in the following positions:

• Enterprise Lending Officer / Sr. Lending Officer

• Sr. Wealth Management Lending Officer (Regular and PB)

• Wealth Management Lending Officer

• Sr. Financial Center Lending Officer

This ruling confirms that workers across the country in these roles may have similar unpaid overtime claims and are eligible to take legal action.

Could You Be Owed Back Wages?

If you work or have worked at any bank in a comparable role, you could be owed thousands in back wages. Many loan officers are misclassified as exempt under the Fair Labor Standards Act (FLSA), but their actual job duties—sales, customer outreach, document handling—do not justify exempt status.

You may qualify to recover:

• Unpaid overtime for up to 3 years

• An equal amount in liquidated damages (double pay)

• Your attorneys’ fees and legal costs

Don’t Assume You’re Exempt—Talk to a Lawyer

Whether you’re salaried, commission-based, or carry a senior title, that does not automatically exempt you from overtime protections. Your job duties—not your title—determine your right to overtime pay under federal law.

Contact Josh Borsellino – Overtime Attorney for Financial Workers

If you’ve worked as a loan officer at any bank since 2020 and regularly worked more than 40 hours per week, it’s time to understand your legal options.

📞 Call or Text: 817.908.9861
📧 Email: josh@dfwcounsel.com

I’ve helped hundreds of employees recover unpaid wages. Free consultations. No fees unless you win.