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Hiring & Firing › Financial Institutions

Hiring & Firing refers to the process of recruiting, interviewing and offering employment and the process of evaluating performance and dismissing employees. Hiring & Firing is a highly regulated area and... more +
Hiring & Firing refers to the process of recruiting, interviewing and offering employment and the process of evaluating performance and dismissing employees. Hiring & Firing is a highly regulated area and can create tremendous liability for employers who fail to properly adhere to acceptable employment practices. Some of the potential pitfalls in this area stem from discriminatory hiring practices, improper performance evaluations, and retaliatory firings.  less -
Orrick, Herrington & Sutcliffe LLP

Democratic senators press CFPB’s Vought on mass firings

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On April 28, Sen. Elizabeth Warren (D-MA), one of 40 democratic senators, sent a letter to CFPB Acting Director, Russell Vought, expressing their concerns about Vought’s attempt to terminate nearly all of the Bureau’s 1,700...more

Orrick, Herrington & Sutcliffe LLP

Democrats write to OIG on NCUA board member removals

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On April 29, Sen. Elizabeth Warren (D-MA) and Rep. Maxine Waters (D-CA) sent a letter to the Inspector General of the NCUA to request an investigation into the agency’s ability to operate with a single board member. The...more

Ballard Spahr LLP

Ousted Democratic NCUA board members file suit

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The two Democratic NCUA board members ousted by President Trump have filed suit, arguing that their firings violated federal law....more

Orrick, Herrington & Sutcliffe LLP

Senators request investigation into FHFA board overhaul and workforce reductions

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On April 15, ten U.S. Senators sent a letter addressed to Mr. Brian M. Tomney, Inspector General of the FHFA, requesting that the FHFA OIG review recent actions taken by FHFA leadership to overhaul the boards at Fannie Mae...more

Orrick, Herrington & Sutcliffe LLP

NYDFS seeks to hire displaced federal financial employees amidst Trump administration cuts

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On March 11, the Superintendent of NYDFS, Adrienne Harris, reportedly announced her agency’s intention to hire federal financial agency employees affected by recent job cuts under the Trump administration. Harris highlighted...more

Orrick, Herrington & Sutcliffe LLP

FDIC OIG responds to senators’ letter on FDIC bank examiners

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On February 19, the Office of Inspector General (OIG) for the FDIC responded to a letter from Sen. Elizabeth Warren (D-MA) and others concerning the FDIC’s decision to rescind over 200 jobs for bank examiners. As previously...more

Orrick, Herrington & Sutcliffe LLP

FDIC parts ways with probationary employees

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On February 18, the FDIC will reportedly undergo significant workforce reductions and terminate approximately 170 probationary employees as part of ongoing personnel cuts at the Corporation. Probationary employees, who may...more

Husch Blackwell LLP

NYDFS Warns Against the Threat of Accidentally Hiring North Korean Remote IT Workers

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Keypoint: The New York State Department of Financial Services (NYDFS) issued an industry letter outlining the threats posed to U.S. companies who hire remote technology workers linked to North Korea and may embezzle funds...more

Seyfarth Shaw LLP

FDIC’s New Regulations Align with the Fair Hiring in Banking Act’s Amendments to Section 19 of the Federal Deposit Insurance Act

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On December 23, 2022, President Biden signed the “James M. Inhofe National Defense Authorization Act for Fiscal Year 2023” which, among many other things, amended Section 19 of the Federal Deposit Insurance Act, 12 U.S.C....more

Mitratech Holdings, Inc

Building An HR Tech Stack in Finance

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Within the financial sector, managing human resources is crucial. Why? A mistake in HR can trickle down, harming your organization’s reputation. It is also one of the areas that can cost your organization the most money – OR...more

Ballard Spahr LLP

Appeals Court: No FCRA Informational Injury Standing

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A job applicant who claims he was not fully informed about adverse information that appeared on a background check is not entitled to relief under the Fair Credit Reporting Act (the FCRA), the Sixth Circuit Court of Appeals...more

Jackson Lewis P.C.

FDIC Revises Section 19 Regulations for Institutions Hiring Persons Convicted of Certain Crimes

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The Federal Deposit Insurance Corporation (FDIC) has revised its regulations on Section 19 of the Federal Deposit Insurance Act to conform with the previously enacted Fair Hiring in Banking Act (FHBA). The FHBA paved the way...more

Skadden, Arps, Slate, Meagher & Flom LLP

Fintech Focus Podcast | Growing a Workforce in a Regulated Environment

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As growth-stage fintechs manage a rapidly increasing workforce, they are faced with onboarding senior-level hires within the scope of a complex regulatory environment in the U.K. On our latest “Fintech Focus” podcast, host...more

Ballard Spahr LLP

FDIC Urges Financial Institutions to Complete Voluntary Diversity Self-Assessments

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The FDIC is urging financial institutions it supervises to voluntarily submit self-assessments of their diversity policies and practices to the agency by Oct. 31, 2024....more

Guidepost Solutions LLC

Will your Due Diligence Program Meet the New DFS Requirement?

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The final guidance, issued by DFS on January 22, 2024, requires “regular and rigorous” vetting of key personnel at banking organizations and non-depository institutions. It is clear, that DFS is focused on enhanced scrutiny...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

FDIC Closing in on Implementing the Fair Hiring in Banking Act With Proposed Regulations for Section 19

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The Federal Deposit Insurance Corporation (FDIC) is close to finalizing revisions to regulations regarding Section 19 of the Federal Deposit Insurance Act to align them with the Fair Hiring in Banking Act (FHBA), which eased...more

Katten Muchin Rosenman LLP

No Such Thing as a Free Lunch…?

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A large US Bank with operations in the UK (Bank) recently won a widely discussed case in the UK's Employment Tribunal after a senior analyst (Employee) sued the Bank for unfairly dismissing him over an expense form relating...more

Troutman Pepper Locke

How to Combat Corporate Theft: Office Space – Crossover Episode With the Hiring to Firing Podcast - The Consumer Finance Podcast

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Corporate theft can happen in any workplace, but in the world of financial services, the theft can also create regulatory and litigation exposure for financial institutions. What type of employee is most likely to steal from...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Informed Board - Spring 2023

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Changing CEOs is one of the most critical decisions any board faces. In this issue of The Informed Board, we offer tips on how to avoid the mistakes we most often see. We also explain the problems companies could face if the...more

Orrick, Herrington & Sutcliffe LLP

Key Issues for Employers following the Silicon Valley Bank and Signature Bank Closures

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Despite the joint statement by the Treasury Department, the Federal Reserve and the FDIC, many of our clients continue to ask about state law restrictions related to postponing payroll for employees...more

Littler

The Bar Has Been Lowered – Congress Further Relaxes Hiring Restrictions for Banking Personnel with Criminal Histories

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On December 23, 2022, President Biden signed into law H.R. 7776, the “James M. Inhofe National Defense Authorization Act for Fiscal Year 2023” (the “NDAA 2023”). What many may not yet realize is that Section 5705 of the NDAA...more

Littler

The Bar Has Been Lifted – Congress Further Relaxes Hiring Restrictions for Banking Personnel with Criminal Histories

Littler on

On December 23, 2022, President Biden signed into law H.R. 7776, the “James M. Inhofe National Defense Authorization Act for Fiscal Year 2023” (the “NDAA 2023”). What many may not yet realize is that Section 5705 of the NDAA...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Congress Eases Criminal Offense Restrictions for Employment With Financial Institutions

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Included in the defense spending bill signed by President Biden in December 2022 is a section with key provisions for financial institutions that will ease restrictions on hiring candidates with criminal records....more

Jackson Lewis P.C.

Returning To The Office In The Financial Industry

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As COVID-19 vaccinations progress and as our economic and social lives begin to return to normal, employers are faced with new challenges. These challenges are particularly difficult for banks and credit unions, which not...more

Seyfarth Shaw LLP

FDIC Issues Final Rule to Codify Section 19’s Policy on Hiring Individuals with Convictions for Minor Criminal Offenses

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Seyfarth Synopsis: On July 24, 2020, the Federal Deposit Insurance Corporation issued a final rule that codifies the FDIC’s Statement of Policy (SOP) related to Section 19 and makes several important changes to the SOP. The...more

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