Washington, D.C. — In anticipation of the House Financial Services Committee Subcommittee on Diversity and Inclusion’s hearing entitled “Access Denied: Eliminating Barriers and Increasing Economic Opportunity for Justice-Involved Individuals,” BPI released a statement for the record urging clarity on Section 19 of the Federal Deposit Insurance Act in order to foster employment opportunities for rehabilitated job seekers with criminal records. In connection with the statement for the record, BPI also released the following press statement from SVP and Associate General Counsel Dafina Stewart:
Section 19 serves the important purpose of safeguarding banks, but achieving that goal should not preclude safely expanding employment opportunities to rehabilitated individuals who have paid their debts to society and whose past offenses are those that do not pose a risk to the safety and soundness of a bank.
The statement for the record recommends that Congress consider amending the law to clarify ambiguous terms, narrow the banking jobs to which the restrictions apply or limit the statute to felonies or crimes that resulted in more than minimal loss to banks. These calibrations would not increase risk to the banking system and would enhance the prospects of economic success for people with criminal records by allowing them access to job opportunities in the banking sector.
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
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