Under a 1950 law, banks are barred from hiring anyone convicted of a crime of dishonesty or breach of trust. Banks, in some areas facing limited labor pools, say the restriction is too tight.
WASHINGTON—Over the past decade about 1,200 people with criminal records have asked the government to let them work at a bank—with more than 40% of requests rejected or unresolved. The banking industry wants to change that.
Under a 1950 law, banks are barred from hiring anyone convicted of a crime of dishonesty or breach of trust. The only way around the law is to get a waiver from the Federal Deposit Insurance Corp. Since 2008 it has approved around 57% of requests made by individuals petitioning on their own or with bank...
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