Federal Deposit Insurance Act Policy
The purpose of this Federal Deposit Insurance Act Policy Template is to address measures a bank or other type of financial institution must take to ensure proper adherence to the provisions and intent of Section 19 of the Federal Deposit Insurance Act ( the “FDI Act” – 12 U.S.C. 1829) which prohibits any person who has been convicted of any criminal offense involving dishonesty, breach of trust, or money laundering, or has agreed to enter into a pretrial diversion or similar program (program entry) in connection with a prosecution for such offense, may not become, or continue as, an institution-affiliated party (IAP) of an insured depository institution (IDI), own or control, directly or indirectly any IDI, or otherwise participate, directly or indirectly, in the conduct of the affairs of any IDI without the prior written consent of the Federal Deposit Insurance Corporation (FDIC).
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Scope – Topic 3
- Offenses Covered – Topic 4
- Convictions Covered – Topic 5
- Pretrial Diversion or Similar Program (Program Entry) – Topic 6
- Applications that Can be Filed and When – Topic 7
- Application Not Required for Covered Offense or Program Entry – Topic 8
- Filing an Application – Topic 9
- Evaluation of Applications – Topic 10
- Request of and Conduct of a Hearing – Topic 11
- Audit Policy – Topic 12
- Staff Training – Topic 13
- Retention of Documentation – Topic 14
Recent updates to this product:
FDIC FIL-72-2020 – FDIC Issues Final Rule Revising and Codifying Section 19 to Allow Greater Employment Opportunities for Individuals with Certain Minor Criminal Offenses on Their Records
FDIC FIL-42-2018 – Modifications to the Statement of Policy for Section 19 of the Federal Deposit Insurance Act
This Federal Deposit Insurance Act Policy Template (approximately 9 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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