Skip to main content

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]



Gary Cohn Gets Another Grown-Up In The Room

Jim Clinger loves banks and hates Dodd-Frank, but at least he's read it!

See page for author [Public domain], via Wikimedia Commons

Regulators Unceremoniously Dump Volcker Rule Into Crude Ditch Next To Its Author

But not without delivering another, posthumous “F.U.” to the late former Fed chief.


Maybe Serving As Payment Agent For Sovereign Debt Is Another Business Citi Should Get Out Of

At least when it comes to rogue states and uniquely recalcitrant debtors.

(Getty Images)

What America Needs At This Particular Moment Is Definitely A New Bank From Jack Dorsey

An eager and not-at-all-shellshocked world greets the arrival of Square Financial Services.

(Fifth Third Bancorp)

Latest FDIC Pick Already Looking For Excuse Not To Take Job

When the president asks you to do something, you find something else more important to do.