Great moments in financial employment regulation

by Walter Olson on September 1, 2012

Thanks to new federal banking and mortgage guidelines with $1-million-a-day penalties for noncompliance, banks are scrambling to fire any employee who has previously been convicted of a crime involving dishonesty. Among those tossed out: a bank employee with seven years’ service who used a slug in a washing machine in 1963, and a 58-year-old customer service representative with a shoplifting conviction forty years ago. A lawyer says thousands of employees have been fired under the new rules. [Des Moines Register/USA Today via ABA Journal]

{ 3 trackbacks }

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09.02.12 at 12:02 am
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09.10.12 at 8:02 am
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{ 2 comments }

1 James Maxeiner 09.03.12 at 8:58 am

Wow! If true, amazing and tragic. Does anyone pay any attention in writing and promulgating laws?

2 Walter Olson 09.06.12 at 2:45 pm

Writes Ted Frank, “NB that if Dodd-Frank didn’t mandate these draconian rules, the EEOC would sue any employer who implemented them.” Good point.

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