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FDIC Final Rule Revises and Codifies Policy to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records
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07/24/2020
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Description:The FDIC has approved a final rule to revise and incorporate into the agency’s regulations a longstanding Statement of Policy (SOP) related to individuals with certain criminal offenses on their records who seek employment in the banking industry. Section 19 of the Federal Deposit Insurance Act (Section 19) prohibits a person from participating in the affairs of an FDIC-insured institution if he or she has been convicted of a crime involving dishonesty, breach of trust, or money laundering, or has entered into a pretrial diversion or similar program in connection with a prosecution for such an offense, without the prior written consent of the FDIC. Revising and codifying the SOP into the regulations will provide better transparency and clarity regarding the interpretation of Section 19 and the application process.
A copy of the Final Rule can be found on the FDIC’s website.
An overview of the final rule can also be found on the FDIC’s website.
Statement of Applicability to Institutions with Total Assets Under $1 Billion: This Financial Institution Letter applies to all FDIC-insured institutions.
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Release Date:07/24/2020
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Update Date:07/24/2020
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Withdrawn Date:10/09/2024
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Agencies Involved:Federal Deposit Insurance Corporation (FDIC)
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Law Involved:Federal Deposit Insurance Act (FDI Act)
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Source:FDIC Website
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Memorandum To:FDIC-Insured Institutions
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FIL Number:FIL-72-2020
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[PDF-765.43 KB]
