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American Financial Services Association

Reducing Barriers to Financial Services Employment

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Reducing Barriers to Financial Services Employment

On Monday, AFSA submitted a comment letter expressing its strong support for H.R. 5911, the Fair Hiring and Banking Act, which would reduce barriers to employment in the banking industry for qualified applicants with minor criminal records.

The letter was sent to House Speaker Nancy Pelosi (D-CA) and Minority Leader Kevin McCarthy (R-CA), as well as the leadership of the House Financial Services Committee, Chairwoman Maxine Waters (D-MO) and Ranking Member Patrick McHenry (R-NC).

“At this time, otherwise qualified Americans with minor arrest or conviction records are prohibited by the Federal Deposit Insurance Act (FDIA) from working in the banking industry,” AFSA Senior Vice President Celia Winslow wrote. “While the law provides for waivers in some scenarios, the process is complex and arduous, and few applicants are successfully hired.”

The act’s passage would help the financial services industry by providing qualified employees at a time when the industry is facing a labor shortage. More importantly, however, the act would help increase economic opportunities for individuals who have been rehabilitated in the American justice system.

May 10th, 2022 by