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Highlights:
A Section 19 application is not required for
- Complete Expungement: a record of conviction that is not accessible by any party, including law enforcement, even by court order;
- De minimis Criteria: Offenses punishable by imprisonment for a term of one year or less and/or a fine of $1,000 or less; or
- De minimis Criteria for "Bad Checks": If there is one conviction for issuing a bad check based on one or more checks with an aggregate face value of $1,000 or less, and no insured financial institution or insured credit union was a payee on any of the checks, the conviction will qualify under the de minimis offense exception.
Insured institutions should become familiar with these approved SOP clarifications when reviewing the applicability of Section 19 to current and potential institution-affiliated parties.
There is no statute of limitations for offenses covered by Section 19.
The updated SOP is available at: http://www.fdic.gov/regulations/laws/rules/5000-1300.html#fdic5000applicationsus
Distribution:
FDIC-Insured Institutions
Suggested Routing:
Chief Executive Officer
Legal Counsel
Related Guidance:
Statement of Policy for Section 19 of the FDI Act
Contact:
For questions related to the SOP, please contact Larisa Collado, Section Chief, at (202) 898-8509 or lcollado@fdic.gov, or Martin Thompson, Senior Review Examiner, at (202) 898-6767 or marthompson@fdic.gov.
Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2011/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC Financial Institution Letters may be obtained via the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002,
Arlington, VA 22226 (877-275-3342 or 703-562-2200).
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