WASHINGTON, D.C. – Shayna Olesiuk, Director of Banking Policy, issued the following statement in response to today’s adoption of a rule implementing the Fair Hiring in Banking Act at the Federal Deposit Insurance Corporation (“FDIC”) Board Meeting today:

“Today, the FDIC took the long overdue step of expanding employment opportunities in our banking system to qualified individuals who have committed minor crimes or older offenses that do not endanger public trust and who have fully paid their debt to society. As we explained in our comment letter, the law generally prohibited people who have been convicted of certain crimes from being employed by FDIC-insured banks, even for small, minor, or long-ago offenses. This prohibition disproportionately impacted communities of color and low- and moderate-income Americans because they are disproportionately impacted by the criminal justice system.

“The new rule is an important step toward more equality in the treatment of junior bank employees relative to high-powered bank executives. For too long, applicants for even entry-level positions at banks have faced unnecessary employment barriers due to minor offenses, while many bank executives remain employed in positions of power despite taking part in large-scale consumer abuses, money laundering, and other serious financial crimes. In other words, lawbreaking executives get bonuses while other hardworking, qualified Americans get barred from jobs. That double standard is indefensible, and this rule will help address that fundamentally unequal treatment.”

Read our full comment letter on the proposal here.