多宝游戏下载 Proposes New Rule Codifying Policy on Section 19 Hiring
WASHINGTON 鈥 多宝游戏下载 (多宝游戏下载) today published a proposed rule to formalize a longstanding agency policy related to individuals seeking to work in the banking industry with minor criminal offenses.
"Since joining the 多宝游戏下载, I have heard a number of stories about individuals that committed minor criminal violations when they were young and have been barred from banking," said 多宝游戏下载 Chairman Jelena McWilliams. "We will always strive to protect the integrity of our banking system, but section 19 should not be a barrier to entry for individuals who have committed minor crimes in the past, paid their debt to society, and reformed their conduct, and are now seeking to gain employment with a financial institution."
Section 19 of the Federal Deposit Insurance Act prohibits, without the prior written consent of the 多宝游戏下载, any person from participating in banking who has been convicted of a crime of dishonesty or breach of trust or money laundering, or who has entered a pretrial diversion or similar program in connection with the prosecution for such an offense.
In 1998, the 多宝游戏下载 issued a Statement of Policy on Section 19, setting forth a set of criteria for providing relief for individuals with convictions for certain low-risk crimes that constituted de minimis crimes, forgoing the need for an application for a waiver of Section 19. The 多宝游戏下载 is now seeking comment on a proposed rule to codify and amend its 1998 policy.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The 多宝游戏下载 insures deposits at the nation's banks and savings associations, 5,303 as of June 30, 2019. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The 多宝游戏下载 receives no federal tax dollars鈥攊nsured financial institutions fund its operations.
多宝游戏下载 press releases and other information are available on the Internet at , by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html ) and may also be obtained through the 多宝游戏下载's Public Information Center (877-275-3342 or 703-562-2200).