Washington, D.C. — The Bank Policy Institute and the Financial Services Forum today in a letter to the House Financial Services Committee expressed support for legislation enabling banks to offer more job opportunities to rehabilitated people with prior criminal offenses. The Fair Hiring in Banking Act would update a federal law to exempt certain job applicants from bank hiring restrictions, allowing banks greater flexibility in hiring rehabilitated individuals.
“This legislation is an important measure that, if adopted, would increase economic opportunities for affected individuals,” the trades said in the letter. “The statute’s goal of ensuring a trustworthy, reliable banking workforce is important, particularly for an industry built on trust. However, safeguarding that trustworthiness should not come at the expense of offering hardworking people the chance to achieve meaningful employment opportunities in our nation’s banks.”
The measure would exempt certain banking job seekers – namely those with older or very minor offenses or ones that occurred before the age of 21 – from hiring restrictions that require banks to seek FDIC approval to employ them. The legislation would not compel banks to employ individuals with any criminal record, however minor, but allows them the ability to extend such opportunities where appropriate without the additional step of seeking FDIC approval.
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.
About The Financial Services Forum.
The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, financial inclusion, a competitive global marketplace, and a sound financial system.