House Votes to Ease FIs' Hiring of Ex-Convicts

The House of Representatives on Thursday passed its version of the National Defense Authorization Act, including provisions to make it easier for financial institutions to hire rehabilitated ex-convicts — something that FIs and regulators have been pushing for years.

But at the same time, the Senate's latest version of the defense spending bill omitted a popular cannabis banking measure that was in the House version, dashing bankers' hopes it would finally cross the finish line after first being passed by the House in 2019.

The “ex-con” provision would allow individuals with criminal records to work at a federally insured FI seven years after their conviction or five years after their release. Juveniles convicted of criminal offenses could gain employment at an insured FI 30 months after their conviction under the provision.