Bank deposit insurer’s ‘fair hiring’ proposal out for comment

November 14, 2023 FDIC 0

Revisions to conform the agency’s regulations with the Fair Hiring in Banking Act (FHBA), enacted last December, are out for public comment until Jan. 16, according to a notice in the Federal Register Tuesday.

The Federal Deposit Insurance Corp. (FDIC) said the FHBA, among other things, excluded or exempted categories of otherwise-covered offense from the scope of statutory prohibitions on participation in banking. The measure also clarified several definitions in section 19 of the Federal Deposit Insurance Act (FDIA) and provided application-processing procedures. (The National Credit Union Administration (NCUA) has a similar proposal out for comment until Jan. 8.)

The FDIC issued its proposed rule during its Oct. 24 open meeting.

FDIC Board’s Oct. 24 actions

Reg Lookup: Fair Hiring in Banking

Fed’s Kugler becomes latest board member to advocate for continued agency independence

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Count Federal Reserve Board Gov. Adriana Kugler as an advocate of continued agency independence, who Thursday said that condition is “fundamental” to the Fed achieving good policy. In remarks to a meeting of the Latin American and Caribbean Economic Association [...]
VA firm must pay $3 million for taking funds, blocking accounts to pay for prisoner basic needs

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A Virginia firm must pay $3 million for illegally taking millions of dollars from more than a half-million accounts and blocking money transfers to consumers who are incarcerated, according to charges made public by Thursday by the federal consumer financial [...]
OIG sets 4 recommendations for NCUA’s federal chartering process

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Automation, better communication on process and a process for handling inquiries are recommended for the federal credit union regulator’s chartering process in an inspector general audit report released recently on the agency’s website. The National Credit Union Administration (NCUA) Office [...]
Small FL credit union conserved

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The $59 million-in-assets Alliance Credit Union of Florida, Gainesville, Fla., was conserved last week by the state’s financial regulator, with the National Credit Union Administration (NCUA) named conservator. No specific reason for the conservatorship was provided in the NCUA’s evening [...]
PA bank failure, first of year, came from reclassified debt securities, dysfunctional management, report finds

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Republic First Bank became “critically undercapitalized” in April – which a dysfunctional board and management team exacerbated, ultimately leading to the bank’s failure, according to the material loss review published Wednesday by the federal insurer of bank deposits. The report, [...]
Reports of suspected fraud using deepfake media spurs FinCEN to issue ‘red flags’ alert to FIs

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An alert to help financial institutions identify fraud schemes targeting them and that are associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools was issued Wednesday by Treasury’s financial crimes enforcement arm. The Financial Crimes [...]
Two promoted to OCC deputy controllers for large bank supervision

November 13, 2024 0

Two long-time bank examiners – Robert Barnes and Kevin Greenfield – were promoted to the posts of deputy comptrollers for large bank supervision, the Office of the Comptroller of the Currency (OCC) said Wednesday. The OCC said Barnes, a national [...]

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