Iowa Banking Law Blog

A heads up: Recent stories regarding FDIC rules for hiring and retention of employees
Sep. 11, 2012The Dickinson Law Newsroom, Iowa Banking Law Blog
Background checks

The past couple of weeks have seen an unusual amount of media focus on financial institution employee background checks and related dismissals. At least one dismissal has prompted a civil rights complaint. Not only should your institution be sure it is complying with Section 19 of the FDIC Act and the regulations and guidance associated with that part of the Act by regularly performing such checks, but that the implications of violations, which include fines of up to $1,000,000 a day, as well as the waiver process and de minimis exceptions are specific in nature.

You should understand that Section 19’s requirements are not the same as the more recent National Mortgage Lender licensing requirements, which, while similar in some respect to Section19’s prohibitions, differ in some material respects.



share this page:
  • Facebook
  • LinkedIn
  • Twitter
  • Google Bookmarks
  • StumbleUpon
  • Digg
Categories: Banking Law
Practice Area Categories: Banking Law

Latest Articles

Dickinson attorneys receive top Chambers USA rankings

Ten Dickinson attorneys have been honored in the newly-published 2014 edition of Chambers USA: America’s Leading Lawyers for […]

New “Know Your Vendor” Guidance from the OCC

In a recent Bulletin, the Office of the Comptroller of the Currency published new guidance […]

Dickinson Law named Tier 1 National “Best Law Firm” by U.S. News

U.S. News & World Report has released its 2014 “Best Law Firms” rankings, and Dickinson […]