On July 30, the FDIC released an overview of changes to federal regulations prohibiting individuals convicted of certain crimes from working in the banking industry. The revisions were made to conform with the Fair Hiring in Banking Act, which aims to make the hiring process fairer by excluding specific categories of offenses from the law’s scope.

The updated prohibitions exclude offenses that occurred seven or more years ago, as well as offenses for which an individual was released from incarceration five or more years ago. Offenses committed when an individual was 21 or younger will be excluded if more than 30 months have passed since sentencing. The law will also exclude minor offenses and those involving the possession of controlled substances. Additionally, the definition of “criminal offense involving dishonesty” has been narrowed, and offenses expunged, sealed, or dismissed are no longer considered.