The FDIC released a Financial Institution Letter on amendments to Section 19 of the Federal Deposit Insurance Act under the Fair Hiring in Banking Act.
FDIC issues guidance on Fair Hiring in Banking Act
March 10, 2023 / By ICBA
The FDIC released a Financial Institution Letter on amendments to Section 19 of the Federal Deposit Insurance Act under the Fair Hiring in Banking Act.
The FDIC released a Financial Institution Letter on amendments to Section 19 of the Federal Deposit Insurance Act under the Fair Hiring in Banking Act.
Background: Section 19 prohibits individuals who have been convicted of certain offenses from participating in the affairs of FDIC-insured institutions. The new law made several changes to Section 19 related to certain older offenses, designated lesser offenses, criminal offenses involving dishonesty, and more.
Outlook: The FDIC said it will take several related actions this year, including revising its Section 19 application form, industry guidance, and implementing regulations.
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