Federal Deposit Insurance Act Section 19

1829 section 19 which will ease certain hiring requirements for banking industry employers.

Federal deposit insurance act section 19. Section 19 of the federal deposit insurance act prohibits any person who has been convicted of any criminal offense involving dishonesty or a breach of trust or money laundering or has agreed to. Or who has entered into a pretrial diversion or similar program in connection with such an offense from becoming or continuing as an institution affiliated party with respect to any insured depository institution. Section 19 specifically prohibits a person subject to its coverage from owning or controlling an insured institution.

Section 19 of the federal deposit insurance act fdi act prohibits except with the prior written consent of the fdic any person who has been convicted of any criminal offense involving dishonesty breach of trust or money laundering. 1817 j 8 b. For purposes of defining control and ownership under section 19 the fdic has adopted the definition of control set forth in the change in bank control act 12 u s c.

1829 relating to the requirement for this corporation s consent prior to any insured bank employing persons who have been convicted of crimes involving dishonesty or breach of trust. The agency s final ruleon the treatment of applicants and employees with certain criminal convictions adopts long standing statements of policy sops clarifies procedural ambiguities and establishes new rules for expungements and de minimisoffenses. Of the federal deposit insurance act with respect to a member bank including a separation caused by the closing of such a bank shall not affect the jurisdiction and authority of the board to issue any notice and proceed under this section against any such party if such notice is served before the end of the 6.

The federal deposit insurance corporation fdic recently published its final rule on modifications to the statement of policy sop for section 19 of the federal deposit insurance act 12 u s c. The federal deposit insurance corporation has for some time been studying in detail section 19 of the federal deposit insurance act 12 u s c. 1817 j 8 b.

1 section 19 prohibits without the prior written consent of the fdic a person convicted of any. Section 19 specifically prohibits a person subject to its coverage from owning or controlling an insured institution.