WASHINGTON (CN) – People who have been convicted of, or placed in pretrial diversion for, criminal offenses involving dishonesty, breach of trust or money laundering may remain in certain jobs at savings and loan holding companies until Dec. 31, 2012, according to the Thrift Supervision Office.
The agency’s action extends a temporary exemption to Section 19 of the Federal Deposit Insurance Act that prohibits such people from working in the industry.
The prohibition was adopted in 2006 but the exemption was immediately granted to allow people already working in the industry to remain in their positions. That exemption has been extended annually ever since.
The exemption only applies to people who held positions in the industry as of Oct. 13, 2006.
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