Regulatory Alerts2020-08-20 | 2020-16464Incorporation of Existing Statement of Policy Regarding Requests for Participation in the Affairs of an Insured Depository Institution by Convicted Individuals
The Federal Deposit Insurance Corporation issued this final rule to incorporate and revise its existing Statement of Policy into formal regulations governing Section 19 of the Federal Deposit Insurance Act. The rule clarifies application procedures for convicted individuals seeking to participate in insured depository institutions and expands the de minimis exception by increasing the small-dollar theft threshold to $1,000 and allowing individuals with up to two minor offenses to qualify without filing a formal application. Additionally, the regulation broadens the scope of acceptable expungements and sealings while reducing statutory waiting periods to lower regulatory burdens for both banks and affected individuals.
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