ABSTRACT

Congressional Budget Office Cost Estimate: H.R. 5911, Fair Hiring in Banking Act   [open pdf - 161KB]

This is the Congressional Budget Office (CBO) Cost Estimate as ordered reported by the House Committee on Financial Services on November 16, 2021. From the Document: "H.R. 5911 would amend statutory prohibitions and limitations that restrict the hiring of certain individuals convicted of criminal offenses by insured depository institutions and insured credit unions. Under current law, some convictions prohibit a person from being employed by such institutions without prior consent of the National Credit Union Administration (NCUA) or the Federal Deposit Insurance Corporation (FDIC). Under H.R. 5911, both agencies would be required to issue a rule to provide additional exemptions from consent requirements. The bill also would direct the FDIC and NCUA to establish new procedures governing the review of consent applications and further define what offenses require agency consent. Lastly, each agency would be required to report to the Congress on the outcomes of those changes."

Publisher:
Date:
2022-02-09
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: http://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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