FDIC Loosens Employment Requirements; Ex-Offenders Now Eligible for Banking Jobs

A one-time mistake shouldn't land you in a pile of paperwork, financial distress, strict time constraints, and a lifetime of career obstacles and rejections. Luckily, many agencies have been taking action to help those with prior convictions avoid the life-altering and demeaning roadblocks previously mandated for even the smallest of legal mishaps.
One such agency is the Federal Deposit Insurance Corporation, which previously barred many individuals with prior convictions from working in banks. The FDIC recently issued a new and final ruling on Section 19 of the Federal Deposit Insurance Act (FDI Act) that is intended to help those with minor criminal records to find careers in the banking industry.

Section 19 of the FDI Act focuses on the restrictions the FDIC imposes on those seeking jobs within the banking industry. Individuals with any convictions involving a breach of trust, dishonesty, or money laundering, or who were connected with a crime related to those mentioned, needed to obtain written consent to work in the banking industry.

Under the new ruling of Section 19, many limitations on individuals with prior convictions have been lifted or minimized. Now, all expunged convictions are excluded from restrictions. Additionally, the de minimus exclusion has been expanded to include two de minimus crimes on one's record instead of one. This expansion increases the de minimus exclusion threshold to small dollar theft from $500 to $1,000 and crimes committed by using fake IDs to circumvent age restrictions in buying products or entering premises.

This final ruling will replace the old ruling of Section 19, effectively saving roughly 30% of previously affected individuals from submitting applications altogether. This will help not only those affected by Section 19 restrictions, but also those working in financial institutions that regulate these applications.

Now more than ever, it's crucial to get minor convictions expunged from your record. Don't let minor mishaps get in the way of the stable career that you want. Reach out to the experts at Easy Expunctions to see how our record-clearing software can return your life to normal!