Proposed Statement of Policy for Participation in the Conduct of the Affairs of an Insured Depository Institution by Persons Who Have Been Convicted or Have Entered Pretrial Diversion Programs Pursuant to Section 19 of the Federal Deposit Insurance Act

Résumé

The FDIC seeks to update its statement of policy concerning the participation in banking of a person convicted of a crime of dishonesty or breach of trust or money laundering or who has entered a pretrial diversion or similar program in connection with the prosecution for such offense pursuant to section 19 of the Federal Deposit Insurance Act, 12 U.S.C. 1829. Section 19 was significantly expanded by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (``FIRREA''), Pub. L. 101-73, 103 Stat. 183 (1989), and the Comprehensive Thrift and Bank Fraud Prosecution and Taxpayer Recovery Act of 1990 (``Crime Control Act''), Pub. L. 101-647, 104 Stat. 4789 (1990) and as a result the two existing statements of policy on this provision are outdated. The FDIC intends to adopt the new Statement of Policy and rescind the two existing ones. The FDIC is seeking comments on the proposed Statement of Policy by issuing this Federal Register notice.