WASHINGTON (CN) - Certain employees of savings and loan holding companies convicted of a crime involving dishonesty, breach of trust or money laundering may keep their jobs a year longer, according to an extension to an Office of Thrift Supervision exemption.
The employees who must leave once the exemption expires are "institution-affiliated parties," those who own or control a savings and loan holding company, and those who participate in the conduct of the affairs of a savings and loan holding company.
The exemption applies to convicts and those who went to diversion programs who already held positions at a savings and loan as of the enactment of Section 19(e) of the Federal Deposit Insurance Act.
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