State Labor Laws and Regulation of the Banking Industry

We have mentioned before that in the US banks are also covered by state laws and not just Federal laws. However, states have different labor and regulation laws for the banking sector, with some states not even instituting their own labor laws to further strengthen Federal banking laws.

If you work in a bank or are concerned about your consumer rights as a depositor or investor, make sure that you look into your specific state laws. Do not rely on hearsay or purely on Federal laws because your state may have special rules regarding issues you do not realize may affect you.

For example, since Montana has not enacted special labor laws to govern the banking industry, you only need to use the Fair Labor Standards Act when consulting specific issues such as banking overtime. On the other hand, South Dakota has a pretty good set of laws and regulations for the banking industry so that job hunters and current employees, as well as consumers, would do well to consult their specific state laws.