Crimes of dishonesty or breach of trust have long been no barrier whatsoever to a long and lucrative career as a broker, thanks to FINRA. However, due to the fact that they are subject to an actual regulator that is bound by a law, for 70 years such actions have blocked anyone guilty of such from getting a job as a bank teller or greeter—forever—without written permission from that regulator, the Federal Deposit Insurance Co.
That’s all about to change, thanks to the alignment of the Trump administration’s last-minute deregulatory frenzy, the general desire of his regulators to shirk responsibilities like processing applications for the aforementioned permission, a certain permissiveness towards those things that have defined this president and his life, and, unusually, a genuine desire to do the right thing and open up opportunities to those blocked by a youthful indiscretion, perhaps.
The Federal Deposit Insurance Corp. on Friday said it was easing lenders’ ability to hire individuals convicted of offenses such as shoplifting in a bid to expand the pool of potential employees in the financial industry…. Friday’s changes expand the types of offenses for which a waiver is no longer necessary, including small-dollar crimes involving less than $1,000….
Under Friday’s changes, individuals convicted of using a fake identification while under 21 will no long need to apply for a waiver. Small-time offenses that have been expunged from an individual’s record or sealed are excluded from consideration.
The agency also eliminated a five-year waiting period for people with just one minor offense; it imposed a three-year waiting period for two minor offenses.
Hire away, Jamie! There’s a young man in San Diego in need of regular access to a microwave you might want to have a look at.
Shoplifting Is Less of a Bar to a Bank Job as Regulator Eases Rules [WSJ]