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Board Case 12 19 2007: SOP Section 19 - FDIC - fdic

Board Case 12 19 2007: SOP Section 19 - FDIC - fdic-2025

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The document outlines a clarifying amendment to the Statement of Policy for Section 19 of the Federal Deposit Insurance Act by the FDIC. It introduces a footnote to enhance public understanding of the FDIC's scope regarding institution-affiliated parties (IAPs) in light of modifications made by the Financial Services Regulatory Relief Act of 2006. The amendment specifies that Section 19 prohibits individuals with certain criminal convictions from participating in the affairs of insured institutions, and it details who qualifies as an IAP.

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What is under section 19 of the Federal Deposit Insurance Act?

Generally, Section 19 prohibits participation in insured depository institutions by any person who has been convicted of a crime involving dishonesty, breach of trust, or money laundering or having agreed to enter into a pretrial diversion or similar program in connection with any such offenses without the FDICs prior

What is the new rule of Section 19 of the FDIC?

Section 19 prohibits a person from participating in the affairs of an FDIC-insured institution if he or she has been convicted of an offense involving dishonesty, breach of trust, or money laundering, or has entered into a pretrial diversion or similar program in connection with a prosecution for such an offense,

What is Section 19 of the Federal Deposit Insurance Act 12 USC 1829 A )?

Section 19 imposes a duty upon an insured institution to make a reasonable inquiry regarding an applicants history, which consists of taking steps appropriate under the circumstances, consistent with applicable law, to avoid hiring or permitting participation in its affairs by a person who has a conviction or program

What is the scope of Section 19?

Section 19 of the Federal Deposit Insurance (FDI) Act (12 U.S.C. 1829) (Section 19), enacted by the U.S. Congress in 1950, generally prohibits individuals convicted of certain crimes from becoming employed by, or participating in the affairs of, an FDIC-insured depository institution (IDI).

What are the changes to Section 19 of the FDIC?

The law eased restrictions Section 19 placed on financial institutions hiring job candidates with criminal records. The final rule expands the types of drug-related offenses that may no longer require an FDIC waiver to include possession with intent to distribute.

Is $500,000 in a joint account FDIC-insured?

If a couple has a joint money market deposit account, a joint savings account, and a joint CD at the same insured bank, each co-owners shares of the three accounts are added together and insured up to $250,000 per owner, providing up to $500,000 in coverage for the couples joint accounts.

What is the FDIC section 19 statement of policy?

Section 19 applies to any individual convicted or who has entered into a pretrial diversion or similar program (Program Entry) for a crime involving dishonesty, breach of trust, or money laundering, which would prohibit the individual from participating in the affairs of an IDI without the written consent from the FDIC

Board Case 12 19 2007: SOP Section 19 - FDIC - fdic-2025

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What is under section 19 of the Federal Deposit Insurance Act?

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Is $500,000 in a joint account FDIC-insured?

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Board Case 12 19 2007: SOP Section 19 - FDIC - fdic-2025

Here's how it works

How to modify Board Case 12 19 2007: SOP Section 19 - FDIC - fdic in PDF format online

Complete this form in 5 minutes or less

Got questions?

What is under section 19 of the Federal Deposit Insurance Act?

What is the new rule of Section 19 of the FDIC?

What is Section 19 of the Federal Deposit Insurance Act 12 USC 1829 A )?

What is the scope of Section 19?

What are the changes to Section 19 of the FDIC?

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People also ask

Is $500,000 in a joint account FDIC-insured?

What is the FDIC section 19 statement of policy?

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