Regulatory Alerts2024-08-07 | 2024-17327Fair Hiring in Banking Act
The Federal Deposit Insurance Corporation issued a final rule revising its regulations to align with the Fair Hiring in Banking Act, which took effect on December 23, 2022. The revised regulations exempt or exclude categories of older, minor, and youth-related criminal offenses from Section 19’s prohibitions on banking participation while clarifying key statutory definitions and consent application procedures. Taking effect on October 1, 2024, the rule mandates insured depository institutions to conduct reasonable documented inquiries and enables individuals with qualifying offenses to seek FDIC consent for banking roles without automatic statutory bans.
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