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FDIC Issues Rule to Make it Easier for Individuals with Certain Minor Criminal Offenses to Get Work in Banking Industry

Effective September 21, 2020: The Federal Deposit Insurance Corporation (FDIC) recently approved a final rule to revise Section 19 of the Federal Deposit Insurance Act, which prohibits a person who has been convicted of a crime involving dishonesty, breach of trust, or money laundering, among others from participating in banking without the FDIC’s consent. Under the new rule, all individuals with covered offenses that have been expunged are exempt from submitting an application for consent. The new rule also makes changes to the de minimis exception involving (1) the use or possession of false or fake identification, as well as for small-dollar, simple theft offenses; (2) waiting periods for applicants who have had only one qualifying covered offense; and (3) the number of de minimis crimes allowed to qualify for the exception.  Based on the previous three years, the FDIC anticipates a 30% reduction of applications for the FDIC’s consent with this new rule.

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As the country continues to face rising unemployment, the trend of implementing initiatives to get more people working must continue to be balanced with the legitimate concerns of employers and customers. In performing background screenings, Hire Image understands this balance. If you have any questions or concerns about this new law or any other laws that affect your jurisdiction, please contact us to speak with a representative.

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