FDIC issues guidance on 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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